The Australian model, who is currently believed to have a $250,000-a-year (£157,000) contract with the swimwear company, is rumoured to have been replaced in the summer campaign by former Miss Universe Australia Rachael Finch.
An industry insider told The Daily Telegraph: "They wanted someone more wholesome and not so entwined in saga."
Bingle's manager Titus Day denied any problems, saying: "Lara has always had a good relationship with Speedo and still has six months to run on her current contract. When the time comes we'll look at her options. Until then she remains the face of Speedo."