Gisele Bündchen ''may'' do more runway shows.

The 34-year-old supermodel - who was reportedly set to retire from the catwalk after starring in the Colcci show during São Paulo Fashion Week next month - won't be saying goodbye to the runway for good, a source from her agency IMG Models has confirmed.

The insider believes the Brazilian beauty ''may have to do shows'' as part of ''special projects'' in the future and described the rumour she was to end all activity on the runway as ''extreme''.

They told WWD: ''Gisele made no statement. The truth of the matter is that we still have a very strong relationship with several international brands for which Gisele may have to do shows - special projects - in the future. It's true that she doesn't do fashion week; she doesn't do 17 shows in all three cities, and she's not going to start. But that's not to say that she might not work on a special project in the future. The word retirement is a little bit of an extreme word.''

It was first reported that Gisele would retire from the catwalk after São Paulo Fashion Week by Moda Estadao, who claimed the supermodel wanted to walk her final show after 20 years in the industry in her native Brazil.