John Galliano is rumoured to have been in the running for the Schiaparelli design job.
The shamed designer has kept a low profile since he was sacked from Christian Dior and his eponymous label last year, after he used racist language during a drunken argument.
Earlier this week, it was announced that Diego Della Valle is planning to re-launch the iconic Schiaparelli fashion house next year. He is looking for a designer, and Galliano has been mentioned as a possibility.
However, W magazine editor Stefano Tonchi has seemingly scotched the speculation.
"There are a lot of designers that I think would do a great job," he is quoted as saying by nymag.com.
"Very soon they will make the announcement, so I already know a little bit too much. But I thought that it could be fun to have John back doing it - as in, Galliano.
"But you know, that's too much of a risky proposition probably. At least for America. But I think he's really talented."
The designer is expected to be confirmed in September, with the first collection ready to debut in March 2013 at Paris Fashion Week.
It's been reported the new line will be expensive and it is expected to include accessories and fragrances.
"The idea with Schiaparelli is to propose the brand with all its modernity, and represent dreams, art and all the most sophisticated things we can do," Diego has said.
Is it time to forgive and forget with Galliano?
- (Live Matches)
What's the most stylish age for women?Related story: (See story)