Michael Phelps may have dipped his toes into dangerous waters.

The gold-medal-winning swim champion could lose his 2012 gold medals after his steamy Louis Vuitton ad hit the Internet last week, http://www.nydailynews.com reports.

It wasn’t the content of the photo — a Speedo-clad Phelps lounging in a half-filled tub — that caught the Olympic the International Olympic Committee’s eye.

It was the timing.

According to IOC Rule 40, athletes are not allowed to appear in non-Olympic sponsored ads between July 18 and Aug. 15.

Phelps' agent, Peter Carlisle, told the Associated Press that the Olympic star did not authorize use of the photos, therefore he is in no dangers of being stripped of his medals. Carlisle went on to say that there are dozens of unauthorized uses involving top Olympic athlers.

Violating Rule 40 could bring serious consequences, including stripping the althete of his medals. Other punishments include a reprimand or fines.

Louis Vuitton denies releasing the photos before the agreed-on date of Aug. 16, according to Yahoo! Sports.

Rule 40 is not a popular one with Olympians.

On July 30, superstar athletes including Sanya Richards-Ross, Nick Symmonds and Trey Hardy took to their Twitter accounts to protest their ability to market themselves during the games, USA Today reported.

“The (IOC) continues to grow the scope of this rule, limiting all athlete interactions with outside companies to official Olympic Partners ,” the Track and Field Association stated on its website. “While we consider representing our country at the Olympics the highest honor, every day we face the reality that achieving that dream requires financial support.”

So far, its seems the IOC is unlikely to stand down
.
"Our position is very clear. We have to protect the sponsors because otherwise there is no sponsorship and without sponsorship there is no games," President Jacques Rogge said last month.