22/08/2011 09:51 BST | Updated 22/05/2015 10:12 BST

Updated: Marc Jacobs For Dior, Phoebe Philo For Louis Vuitton?

Will Jacobs take over from where Galliano left? Photo: PA

Updated Monday August 22, 9.01am: Following initial rumours that Marc Jacobs is set to replace John Galliano as the creative director of Christian Dior, it's now reported that Celine's Phoebe Philo is set to replace Jacobs as creative director of Louis Vuitton.

Philo's move to Louis Vuitton would not stop her designing for Celine, WWD reports, but it is expected to see the designer reduce the Louis Vuitton ready-to-wear collection.

Rumours of Jacob's move within the LVMH family from Louis Vuitton to Dior emerged after a source close to LVMH CEO Bernard Arnault reportedly told Brazilian website Glamurama that he wetermined to convince Jacobs to take the helm at the iconic French fashion house.

"The two have met often in recent weeks to discuss the matter," it claims. Jacobs, who also boasts eponymous brands Marc Jacobs and Marc by Marc Jacobs, renewed his contract as creative director for LVMH fashion house Louis Vuitton back in January. But it's thought that Arnault would prefer Jacobs to give Dior a new direction following the scandal surrounding John Galliano's departure from the fashion house earlier this year.

Jacobs denied he was in line for the job back in March, declaring: "I haven't been asked".

LVMH were unable to comment when we contacted them this morning.