Miranda Kerr Out As Victoria's Secret Angel

We can't believe they are letting her go!

Miranda Kerr will no longer be a Victoria's Secret Angel now that her $1 million, three-year contract with the lingerie brand "was not renewed," Us Weekly reports.

One reason for her untimely exit?

"[Kerr] has a difficult reputation," a source tells the mag, adding that the Aussie stunner is "not a big seller for VS." We find that extremely hard to believe!

She's doesn't have to cry into her old angel wings just yet, though! According to sources, she will still be able to model in the catalogue for a standard day rate, but she will not be offered another lucrative contract with the company.

Although VS executives would not deny the decision, they also maintain that Orlando Bloom's wife is part of the family and has already been invited to walk in the 2013 show.

"We have no plans to stop working with her," chief marketing officer Ed Razek told the glossy.

Say it isn't so! She was our favorite!