Lily - who recently suffered a miscarriage and split from Chemical Brothers star Ed Simons - was reportedly dropped following a row between the firm's bosses Joe Corre and Serena Rees, who are embroiled in a bitter divorce split.
A source told Britain's The Sun newspaper: "Serena loves Lily and thinks she is young and sassy. But Joe wasn't keen and canned all the pictures."
Agent Provocateur insist the photographs of Lily posing in a corset and stockings may still appear in magazines.
A spokesman for the company said: "We haven't made any decisions."