What do you get when you mix the world’s most famous fashion magazine with a beautiful blonde television star?

An impending apocalypse, some say.

Yes, it might seem a bit extreme, but not to several insiders, who are whispering that the choice to feature “Gossip Girl” star Blake Lively on the February cover of Vogue magazine is a testament to the magazine’s creative and advertising woes.

Click here to see Blake's cover and sexy bathing suit shots in the February issue.

According to a report in the New York Post, the setbacks for the powerhouse magazine have grown more and more severe. Both Men’s Vogue and Fashion Rocks tanked, and Vogue Living took an indefinite hiatus. Sales have been steadily declining – 15 percent in the first half of 2008 compared to 2007 – and ad sales have dipped nearly 50 percent.

Then there are the rumors that Vogue’s legendary editor (and reported “Devil Wears Prada” inspiration) Anna Wintour is headed for retirement (or to a post as the ambassador to France).

And to add insult to injury, mega-star Jen Aniston recently balked at Vogue’s interview with her as going “tabloid.”

Ouch.

Still, Lively is a rising star in the world of fashion and television – despite the boring and predictable tone of the article (with such snoozer quotes as “The fashion is just unbelievable [on Gossip Girl].”)

Or the bombshell's confession that people made fun of her for her style in grade school.

Cry us a river, Blake. Who didn't get picked on?

Vogue, for their part, staunchly defends the choice of Lively for the cover: "She's the girl of the moment who also has a hit show that people watch as much for the fashion as for the show itself," Vogue spokesman Patrick O'Connell told the Post.