Stephanie Rice has been dropped by Channel 7, after the broadcaster opted not to renew its big-budget two-year partnership with the swimmer.

The contract, famously inked during a frenzy of post-Olympic talent bidding back in 2008, was understood to have been worth a whopping 800,000 dollars for Rice, who went on to produce only a handful of appearances for the network.

One such appearance, a stint on the short-lived reality modelling show Make Me A Supermodel, drew some ire for Seven, which was criticized for not giving Rice enough on-screen training before putting her in front of the camera.

"It was all a bit ill-conceived," News.com.au quoted a rival network insider as saying.

"The deal was pulled together too quickly and never executed well."

According to sources, Channel 9 was recently given the option to sign the swimmer, but sources said network bosses politely declined.

"It's not that Nine doesn't like Stephanie, but there just isn't a gig for her. She is a talent and a good-looking kid and I think she will find her way through all of this," the source said.

"The general public like the story of a celebrity sports star who comes good after a few errors of judgment," the source added. (ANI)