UDATE: After yesterday's announcement that the designer is leaving Mugler, rumors are blooming today that Nicola Formichetti is headed to Diesel.
The New York Post
thinks he'll assume the position of Creative Director after palling around with founder Renzo Rosso during Paris Fashion Week, while
is of the (probably well-informed) opinion that the pair are working on a major, but temporary, collaboration. And don't forget he had previously announced plans to launch an eponymous label, Formichetti, sometime in mid-2013 — leading many to speculate that Rosso is backing the project.
Photo: Via Nicola Formichetti's Tumblr