Kerr, the wife of actor Orlando Bloom, had a "difficult" reputation and wasn't a big seller like Alessandra Ambrosio and Candice Swanepoel, according to a report by Joyce Chen at UsWeekly.
Her $1 million, 3-year contract was not renewed, multiple sources told Chen.
Speculation that Kerr, 30, could be on her way out started in November, when the Victoria's Secret Fashion Show featured a segment highlighting the 25-year-old Swanepoel.
While Kerr is still young and beautiful, 30 is retiring age for many models.
Executives from Victoria's Secret wouldn't confirm or deny Chen's report, but one executive told Chen that Kerr would still walk in the annual Fashion Show.
Victoria's Secret hires about 10 models to act as "Angels" that represent the brand. The spots are coveted because they offer unprecedented exposure in the industry.
Past Angels have included Gisele Bundchen, Tyra Banks, and Heidi Klum.
Karlie Kloss was also just added to the roster.
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- Arts & Entertainment
- Miranda Kerr
- Candice Swanepoel
- Joyce Chen
- Alessandra Ambrosio