It appears Aussie supermodel Miranda Kerr is just too expensive for the department store David Jones.

After five years as the David Jones ambassador, Kerr will step down, according to News Ltd.

Negotiations between the girl from Gunnedah and the retailer had been underway this week regarding Kerr's $1 million-a-year contract with David Jones, which expires in 2014.

“We have loved being on this journey with Miranda and feel privileged to not only have been a part of it but to watch Miranda's remarkable success and growth,” David Jones CEO, Paul Zahra, told News Ltd.

It is reported that Jessica Gomes will fill her shoes.

Kerr first signed as the ambassador for David Jones in 2008 when she was not such an international face.

In 2012 Kerr, who is one of the main Victoria's Secret angels, was ranked as the world's seventh highest-paid model, by Forbes.

Kerr, who turns 30 in April, is also the ambassador for Qantas and is expected to return to Sydney next month to unveil the airline's new uniforms.