Marc Jacobs has very successfully designed for Louis Vuitton for the past 16 years. However, it appears as though he might be leaving his long position at the fashion house according to new rumors. Insiders believe that Jacobs won’t be renewing his 10-year LVMH contract which expires in early 2014 and he is set to be replaced.

A front runner to take over his position has already emerged – former Balenciaga creative director Nicolas Ghesquière, who has yet to find a new role in fashion since departing the label and being replaced with Alexander Wang two seasons ago. A source commented on Jacobs possibly leaving Louis Vuitton, saying that nothing has been completely decided as of yet:

“Nothing has been decided yet. 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.”

The Spring/Summer 2014 Louis Vuitton show will take place in Paris on Wednesday and could potentially be his last if the reports are correct.