Dellal, a 20-year-old half-Brazilian socialite, is said to have had a trial photo shoot for Agent Provocateur, with the results expected to be released in September.
The lingerie firm did not renew Moss's contract last year amid rumours of a strained relationship with co-owner Serena Rees, but the 34-year-old returned for the bridal lingerie ads.
Dellal's shoot could overshadow Moss' bridal campaign especially as the brand is said to be looking for a "fresh face".
A source in The Sun newspaper said: "Everyone is stunned. Kate's shots were really well received, but bosses thought it time to move on. They want a fresh new face and think they've found just the candidate in Alice."
Agent Provocateur has denied that it has dropped Kate Moss, stating that pictures taken of the model for its bridal collection have proved to be "the most successful campaign we have ever done".
However it has shot a series of images for a collection launching in September, which will "feature a whole host of British and international beauties" but said that "it is far too early for us to confirm who these girls will be".*
There had been speculation less than two weeks ago that Moss would be replaced by Lily Cole as the face of Agent Provocateur, after Cole appeared on the catwalk at an Aids charity event sponsored by the lingerie label.
It is the latest in a string of snubs for Moss this year who was replaced as the face of Burberry by Agyness Deyn while Naomi Campbell took her place at Yves Saint Laurent.