Tom Ford has been tipped to return to Gucci.

The 53-year-old designer - who helmed the brand from 1994-2004 - is reportedly being considered to take over the Italian fashion house once again following creative director Frida Giannini and her partner, CEO Patrizio di Marco's exit from the company, reports the New York Post newspaper's Page Six column.

The news follows Frida's departure from the brand a month earlier than expected, as while Patrizio announced his exit in December, it was thought Frida would stay at the label until after their show at Milan Fashion Week in February.

Tom - who also has his own eponymous label which is estimated to be worth around $1 billion - exited the brand following a public dispute with Gucci's parent company PPR, but is credited with turning around the label during his tenure.

Meanwhile, Frida's deputy and head accessories designer, Alessandro Michele, has also been tipped to take over the reins.

A source previously said: ''[Michele] knows all the inside mechanisms. With a brand such as Gucci, creativity is tied to industrial development. It's a very scientific machine, where marketing has its say.

''It's creative only up to a certain point. Calling in a designer from outside can bring an added touch of allure, but a designer from the inside may work better in the long run.''