The potential deal with Next only affects UK operations and has no impact on Victoria's Secret's presence in the US - where it is owned by parent company L Brands.
Last November Victoria Secret's cancelled its marquee show with the organisers citing criticism over sexism.
The event had faced dwindling television ratings and rising criticism for objectifying women and lacking diversity.
It was a milestone in the career of many supermodels, including Heidi Klum and Josephine Skriver.
