The news outlet claims the model was seen wearing her ring as recently as June when she, Brady, their two children and Brady's 15-year-old son Jack, - whom he shares with his ex, Bridget Moynahan – were vacationing in Italy.
While some speculate, she has taken the ring off during a workout, others claim it's further evidence her marriage to the NFL star is over and comes amid news the two have hired lawyers and are looking at the option of divorce.
Page Six revealed yesterday the NFL player and Brazilian model have retained divorce lawyers and have been "living separately" for the past couple of months following an explosive fight.
"I never actually thought this argument would be the end of them, but it looks like it is," one source told the New York Post's gossip column.
"I don't think there will be any coming back now. They both have lawyers and are looking at what a split will entail, who gets what and what the finances will be."
The explosive fight was rumoured to be about Brady's decision to play in the NFL again after a 40-day retirement earlier this year. A source told the gossip column, "As with many marriages, it's not just one thing. Gisele has made it clear that she worried about Tom playing football and that they had had many talks about it."
The couple have "had a series of blowups over the past few years" and it looks like this could be the last straw, the source said.
According to a Page Six report, legal experts claim the couple will likely file for divorce where they are primarily based in Florida.