By Michael Oleaga (staff@latinospost.com) | First Posted: Aug 17, 2012 04:04 PM EDT

The most decorated Olympian might face a decorate punishment if the International Olympic Committee (IOC) has their way for promoting a company not sponsoring the Olympics.

In the last couple days of the 2012 London Summer Olympics, images of 22-time Olympic champion Michael Phelps in a bathtub with a Louis Vuitton bag on the side circulated around the internet. Another image shows Phelps sitting next to 77-year-old Soviet gymnast Larissa Latynina, the women whose record Phelps beat in winning the most Olympic medals.

At first Louis Vuitton said the images are "NOT an LV image," however they didn't deny they'll eventually use it.

But now they have confirmed the photo shoot. The photos were taken by famed photographer Annie Leibovitz.

"Michael Phelps is a great champion," said Louis Vuitton spokesperson. "This campaign is part of the will of the brand to be associated with "iconic figures, who embody a sense of achievement and commitment."

What Phelps and the French fashion house probably didn't know is it might have violated the IOC's Rule 40. The rule prohibits Olympians from participating in advertisements during the July 18 to Aug. 15 dates of the 2012 London Olympics.

According to CNBC, sanctions ordered by the Olympic charter include, "a competitor or a team may lose the benefit of any ranking obtained in relation to other events at the Olympic Games at which he or it was disqualified or excluded; in such case the medals and diplomas won by him or it shall be returned to the IOC."

Since fellow Olympian Latynina was featured in one of the Vuitton pictures, it is unknown if she too faces a sanction, or if the rule pertains to Olympians current participating athletes.

ABC News reported that the U.S. International Olympic Committee and Louis Vuitton declined to comment. Representatives for Leibovitz did not immediately return calls about the possible troubles.

View the Olympic charter's Rule 40 here.