Bundchen might not be coming back as a Victoria’s Secret angel next year, but that doesn’t mean you won’t see the statuesque model in lingerie again soon. She’s reportedly in talks to start her own line of underthings with retailer H&M:

GISELE Bundchen is counting down the seconds until her contract with Victoria’s Secret runs out so she can cash in on her new deal with H&M. Page Six sources tell us the bronzed beauty – who is always on the arm of boyfriend Tom Brady – is “negotiating a lingerie line” with the label. “Gisele has been in talks with H&M for a long time, but for legal issues she has to wait for her Victoria’s Secret contract to end to start the project.” Reps for Bundchen did not comment.

That could explain why Bundchen was unable to reach a contract agreement with Victoria’s Secret – she may have wanted out anyway. Among the reasons blamed for a breakdown in talks with the lingerie giant include the rumor that Bundchen have refused to walk the runway with her ex Leonardo DiCaprio’s new girlfriend, Bar Refeali, along with the fact that she gained a smidgeon of weight after quitting smoking. The most likely reason of all was an increase to her $5 million paycheck.

Bundchen and her new beau, Tom Brady, are doing well. Brady recently bought the Brazilian supermodel a $3,000 Cartier love bracelet. And Gisele is reportedly selling her LA home to move to NY to be closer to Tom. [From In Touch print edition, May 7, 2007 via Sammie’s Effluvia]