Is Chanel Courting a New Head Designer?

Not sure how I feel about this. I really, really don't want to see Karl Lagerfeld retire or leave Chanel, though I certainly wouldn't begrudge him his intentions for future leisure if he is so inclined - plus, I do adore Alber Elbaz.

What's this all about?
All the fashion world's a-buzz with talk that Karl Lagerfeld may be exiting Chanel and Alber Elbaz, of Lanvin, may be about to enter. NY Magazine reports rumors surfaced last summer that Karl Lagerfeld did not renew his contract at Chanel and that Lanvin designer Alber Elbaz would take his place. At the time both houses, Chanel and Lanvin, quickly denied that rumor, but it was resurrected this past weekend on grazia.com.au.  Sources say Grazia became alarmed after fashion blogger Tommy Ton tweeted he was sitting on some news that will "SHAKE the fashion world":

We at grazia.com.au think we might know what this earth-shattering news might be — with rumours circulating that Karl Lagerfeld’s tenure at Chanel is coming to an end and none other than Alber Elbaz will be announced as his successor. There’s no doubt the talented Lanvin designer is more than capable of filling Big Karl’s CC-logoed shoes.

Saying they expect an announcement to come "very, very soon," we're all ears ourselves for the plans. Whatcha think, can you imagine Chanel without Karl? I don't know; I'm really having a hard time with this.

sources/images: NY Mag, Allure, eonline