Reps for Katie Holmes say “No way,” but tabloid snitches insist Mrs. Tom Cruise has teamed up with Italian designer Giorgio Armani to launch the Katie Holmes for Armani line of fashions.

“Right now this is Katie’s life,” an OK! Magazine insider reveals. “She is extremely excited about it.”

“The Katie Holmes for Armani collection will be comparable in price to the Armani ready-to-wear line. It will be sold in stores like Saks, Barneys New York and Neiman Marcus. We’re talking very upscale: less expensive than Armani Privé but more than Armani Exchange. These are going to be very high-quality clothes. We’re not talking cheesy Jessica Simpson stuff.”

According to OK! report, Katie’s rumored overprotected hubby Tom supports her journey into fashion wholeheartedly:

“He is her number-one fan. Katie’s dedication to fashion does not mean she’s given up her acting career. She definitely wants to continue with that too, but right now this is her priority.”