According to a source, the former supermodel, 40, "was dying to appear on the runways as a surprise in the most recent CBS Victoria Secret Fashion Show" last December, "but was rejected by the brand and the network, despite her long affiliation with the company. She's outraged and is threatening to never to work with Victoria's Secret again."
Incredibly, Banks, who worked for Victoria's Secret as one of their original "Angels" from 1997-2005 and created and began co-hosting the long-running TV hit America's Next Top Model in 2003, was given an ageist-sounding reason for not making the cut, the source revealed.
"Tyra's feelings were hurt because the excuse she was given is that the audience likes to see the newest models, not the 'veterans,' on the runway during the VS TV show," the source added.
Banks, one of America's most successful models, was the first African-American woman featured on GQ and the cover of Sports Illustrated swimsuit edition.
She's also one of the few models to become a mogul, showing her business skill with America's Next Top Model, which she's preparing for its 21st cycle this summer on the CW.
"I don't get bored because we constantly change it up," she recently told Digital Spy after adding male models to her show's mix last season.
"I love casting different types of beauty and different girls so that girls around the world can look at the show and see a reflection of themselves. That fuels me."
But apparently, Banks' beauty isn't valued by Victoria's Secret anymore, the source noted.
"Tyra doesn't want to make a public spectacle out of the snub, because it would make all the parties involved look bad," the source said. "But she isn't happy."