The TV star – who is also a special police constable – is a favourite on the ITV daytime programme but there have been rumours about her stepping away.
And Lancaster, who is married to rocker Rod Stewart, is not listed as a regular on the show's site.
However, it seems she is not quitting the programme - with an ITV spokesperson telling Yahoo she is a "much-loved part of the award-winning Loose Women family" - but other commitments mean she isn't currently one of the regulars.
A spokesperson for Lancaster told Yahoo that the TV star had been approached to be on Loose Women this month but that she was only available for one date in the near future, a date that didn't work for the programme.
They said Lancaster has just returned home after six weeks away and has a trip to South America coming up, and that she and Loose Women will be looking at the diary again in October.
"It is obvious that Penny is no longer a regular panellist," the rep said.
"This is purely due to other professional and personal commitments.
"Penny loves the show; and LW loves Penny.
"But such appearances as she is able to make in the future will be as a 'guest'."
An ITV spokesperson said: "Penny is a much-loved part of the award-winning Loose Women family and it is always a pleasure to have her on the show.
"We look forward to her joining us again soon."
Lancaster, 52, first appeared on Loose Women back in 2014 and has been a big hit with viewers.
As well as being a model and TV star, in 2021 she started working as a special constable with City of London police after passing her training.
Watch: Penny Lancaster had to keep “pinching” herself while on duty during King Charles' coronation