Confirmed! It's Alexander Wang To Balenciaga!

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SECOND UPDATE: WWD just confirmed that Alexander Wang will be the new creative director at Balenciaga. With both commercial and design sense, Alexander Wang was a logical choice to helm the fashion-forward design house and succeed Nicolas Ghesiquiere (whose last day on the job is today). Congrats, Alex! See you in Paris.

UPDATE: There's been a lot of back-and-forth here (which you can see on the following page), but now The New York Times' Runway blog is reporting that Wang has emerged as the primary candidate for Nicolas Ghesquière's job at Balenciaga. The paper is saying an announcement could be made as early as next week, according to an anonymous source in Paris. So...it looks like this is really happening. (NYT)

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Image via Fashion Telegraph.
UPDATED:Though there hasn't been a firm confirmation, our rumor mills are working overdrive about a certain New York designer heading to a particular Spanish fashion house. We've heard today from a well-placed source that Alexander Wang, the bastion of NYC cool, may be taking up the position that Nicolas Ghesquière left behind at Balenciaga, substantiating these earlier guesses about the label's fate. Given Wang's chummy relationship with Anna Wintour and his rock-and-roll rep, the appointment makes sense: the edgier crowd is certainly one Balenciaga caters to enthusiastically. But what of Wang's own line, then?

Our ears are pressed firmly to the ground. Stay tuned...

A lot of talk has been swirling since we found out about Nicolas Ghesquière's departure from Balenciaga. Who will replace him? Why is he leaving, and where is he going? Some speculate he's out to start his own company, and Cathy Horyn suspects he jumped ship because of "matters like financing and a more commercial tone to some of Balenciaga’s lines," and that "his concerns were being insufficiently addressed by the PPR chairman, François-Henri Pinault."

But, even more exciting than all that is a recent rumor that Alexander Wang might be next up to fill the top spot at the luxury brand. It kind of makes sense — since Wang hit the scene in 2007, he's become known for his wearable yet edgy, forward-thinking designs. He might be exactly right to take Ghesquière's place. This rumor is coming from "reliable sources," but nothing's for sure until there's an official announcement. Other sources are reporting the brand is also looking at some London talent, such as Mary Katrantzou and Christopher Kane. (Grazia UK)

What do you think? Is Wang the right fit? Can he step up his street wear to compete in the luxury market?