Lancaster was dropped earlier this year by Ultimo because the lingerie firm said she was not famous enough.
Lancaster was signed on a £200,000 contract and promoted the Scottish underwear's Miracle Body range for 16 months, but was let go at the beginning of this year when the company decided to seek someone with a higher international profile.
Step in Rachel Hunter, leggy New Zealand blonde and estranged wife of Rod Stewart, ex-girlfriend of Robbie Williams and current star of US reality TV programme 'How Hot Am I?' where she is being compared with Simon Cowell.
Ultimo creator Michelle Mone said that Hunter was the perfect role model for the brand.
"Rachel has been at the top of her profession for 18 years and her face is known around the world -- she matches our business requirements perfectly," she said.
Lancaster hit back at Mone's claims that she was being dropped for not being internationally famous, saying instead that the brand could not afford to renew her contract.
The Miracle Body range that she modelled is described by Ultimo as underwear that "allows you to wear garments that are low cut, both front and back, while still giving you the world-famous Ultimo cleavage".
The first Ultimo bra was launched to great fanfare in 1999. It has gel-filled pouches rather than padding to boost the cleavage. The range is made by Glaswegian firm MJM International.
The brand shot to international fame when Julia Roberts wore one of the gel-filled bras in 'Erin Brockovich' to give her a boost in the role that won her an Oscar.
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