Is Nicolas Ghesquiere Louis Vuitton's New Creative Director? (Report)

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Kristen Stewart with Nicolas Ghesquière

The fashion designer, who left Balenciaga last November, is supposedly succeeding Marc Jacobs.

Fresh off last week's news that Marc Jacobs' epic 16-year run at Louis Vuitton has come to an end, the rumor mill is reporting that Nicolas Ghesquiere is the label's new creative director.

Though LV's parent company LVMH has yet to confirm the news, the Internet is abuzz with the "announcement." According to Luxury Society, which sourced a Singapore-based men's magazine called Men's Folio, the former Balenciaga creative director is taking over the reins at the storied French fashion house. The news seemed to spread like wildfire with reports from Vogue UK, Fashionista and The Cut picking up on the news. Even Lucky magazine's editor-in-chief Eva Chen tweeted, "Nicolas Ghesquiere for @LouisVuitton!! YES! I feel like spiking a football or something -- such is my happiness", while Project Runway judge Nina Garcia retweeted Luxury Society's report with exclamation marks.

PHOTOS: Louis Vuitton on the Red Carpet 

The news comes five days before Ghesquiere's court hearing over the $7 million euro, or $9.2 million U.S. dollars, that Balenciaga is seeking in damages for his "harmful" comments about the company in his interview with System magazine, wherein he said of the fashion brand, "There wasn't really any direction ... I began to feel as though I was sucked dry, like they wanted to steal my identity while trying to homogenize things."

Before leaving Balenciaga last November, Ghesquiere worked closely with Twilight star Kristen Stewart, who was the face for the French fashion house's Florabotanica perfume.

At press time, Louis Vuitton had yet to respond to The Hollywood Reporter's request for comment.