Marc Jacobs may be leaving Louis Vuitton.

The 50-year-old designer - who has been part of the label since 1997 - could see his future at the French fashion house hanging in the balance if the company doesn't renew his contract next month.

A source told Reuters: ''His contract may not be renewed.''

French magazine Challenges claimed earlier this week that Marc's departure had already been approved internally, but Louis Vuitton has refused to comment on the rumours.

Marc has introduced the men's and women's ready-to-wear lines since joining the brand 16 years ago, and has collaborated with a number of famous artists, including Stephen Sprouse and Yayoi Kusama.

A luxury goods expert is quoted by Vogue magazine as saying: ''Marc Jacobs has done fantastic work at Vuitton, but I think that today we need to reframe the leather goods and fashion proposition which has until now mainly been focused on the bags.''

Meanwhile, David Bowie is set to star in the fashion label's forthcoming 'L'invitation au Voyage' campaign alongside Arizona Muse, which was filmed in Venice in the summer and is due to be released later this year, according to WWD.

The singing style icon joins a lengthy list of legends to feature in campaigns for the brand, including Keith Richards, Bono, Pelé, Muhammed Ali and Catherine Deneuve.