[UPDATE] September 1, 2017 6.20 a.m. EST: Speaking to BoF, Versace denied the deal had taken place, saying “This is categorically untrue,” while a representative for Virgil said that there was “no truth” to the rumors.

According to the magazine, Balmain creative director Olivier Rousteing and Louis Vuitton's Kim Jones could also be in the running for the position. Check back for more updates as they come in.

Virgil Abloh could be Versace's next creative director, according to Glossy. The publication cites two sources "close to the designer" who say that he is in the midst of signing a deal.

Just yesterday, we argued that Virgil Abloh should be leading a fashion house, so if true, the deal isn't particularly surprising, although it would be a major statement from the luxury giant.

Earlier this year, Abloh was rumored to be in the running to replace Riccardo Tisci at Givenchy (who, incidentally, was also linked with Versace in a move which never panned out), before the fashion house hired Chloé alum, Claire Waight Keller for the role.

Abloh himself has made clear in the past that his ultimate aim is to run a major house. “I have a litany of ideas that bring modern relevance, but also a financial vision on how these brands can be more successful in the space of luxury,” he told WWD. “OFF-WHITE is sort of my résumé and it’s my laboratory to experiment with these ideas to see which ones are valid.”

As always, check back for confirmed details as they come in. What do you think of Virgil's potential move? Let us know in the comments below.

In other fashion news, Stone Island introduces all-new nylon metal fabric technique at Bodega exhibition.

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