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Miranda Kerr walks the runway during the Victoria's Secret Fashion Show. Picture: AP

Miranda Kerr will still walk in the Victoria's Secret show this year, but the Aussie model's relationship with the lingerie label is "evolving", according to reports.

A source "with knowledge of the situation" says that although Kerr loves Victoria's Secret, she has been unable to devote as much time to the label as in the past.

RELATED: Miranda Kerr 'dropped as Victoria's Secret Angel'

"Talks between the lingerie line and the Australian beauty fell apart last week because Victoria's Secret was asking busy model Kerr to devote three months a year to promoting their sexy brand," The New York Post has reported.

The source has told The Post that Kerr has "become a big star" and cannot commit to three months of the year to promote the label.

"She recently signed a deal with airline Qantas and has just replaced Kate Moss as the face of Spanish fashion line Mango," the source says.

"While she loves Victoria's Secret, the time commitment they needed from her as an Angel became too much for her to fulfil.

"Exactly the same thing happened with Gisele Bundchen and Heidi Klum — their careers became huge, and there were other opportunities which made being an Angel full-time impossible.

"Anyone who says otherwise about Miranda, it's just sour grapes.

"She is still going to walk in the show this year, and is still committed to the brand, but their relationship is evolving."

A report by US Weekly on Wednesday claimed the Australian beauty's $1 million three-year-contract as an Angel had not been renewed.

The report said the modelling mum, who has two-year-old son Flynn with husband actor Orlando Bloom, had a difficult reputation.

Sources told US Weekly that the 30-year-old was not a big seller for the lingerie brand, compared to former Angels like Alessandra Ambrosio.

But Victoria's Secret president Ed Razek said yesterday that the company had nothing but praise for Kerr.

"Miranda Kerr is one of the best models in the history of the business - and easily one of the most popular. She is also a consummate professional. Any rumours to the contrary are simply untrue," Mr Razek said.

"While her international commitments have kept her away from us more than we'd like over the past few years, she will always be an Angel to me.

"We have no plans to stop working with her. In fact, I've already invited her to walk the runway in this year's fashion show and, happily, she's agreed."