Tamara Mellon with styles from her Jimmy Choo 24:7 collection. Photo courtesy of Jimmy Choo

Businesswoman Tamara Mellon is rumored to be selling Jimmy Choo, which is estimated to be worth £500 million, or roughly $797 million, the Daily Mail reports.

If the rumors are true, Mellon stands to get a hefty £100 million (about $159 mil) windfall, according to the paper.

The reports come "on the heels" of news of the label's new sneaker range, as well as its upcoming collaboration with UGG.

Mellon reportedly owns a fifth of the fashion group, which was formed when the 43-year-old former fashion editor invested in Malaysian cobbler Jimmy Choo.

Stay tuned for more details. In the meantime, we've got a date with our piggy bank and a baseball bat.

In other footwear news, Fergie talked to StyleList about her new shoe collection.