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The romantic entanglements of Michael Phelps are worth more in sleazy entertainment gold than all of the medals the swimmer racked up in Beijing put together.

Back in November, we were the first to tell you about Phelps and Taylor Liane Chandler.

Chandler – a middle-aged woman who was born a man – was allegedly with Phelps the night he was arrested for DUI. 

Chandler claimed she was “more than a hookup” and assumed that she and Phelps would continue their relationship after he left rehab.

Phelps had different ideas. He began dating Nicole Johnson again almost immediately after finishing his treatment program.

An anonymous tipster informs us that the Johnson-Phelps relationship was suggested by a public relations agency in order to help repair any damage that had been done to Phelps’ reputation by the arrest and his relationship with Chandler.

The informant claims Johnson was already in a relationship when she was contacted by Phelps’ people, but had she frequently slept with Phelps while dating the other man.

At the behest of the PR firm, Johnson reportedly began editing her Instagram page the same day that Phelps entered rehab, in order to erase all traces of her current relationship.

When Phelps completed his 28-day program, both Chandler and Johnson’s ex were reportedly tossed aside in favor of a relationship that meshed with Phelps’ golden boy image. 

However, the tipster claims that Phelps is still far from monogamous.

“There are so many women,” our informant writes. “From flight attendants to cocktail servers in Vegas, prostitutes, people that live near him…His weakness is big boobs. Most of the women on the down-low are chubby.” 

The anonymous insider claims that one of Phelps’ favorite hookup partners is British model Demi Rose Mawby. From the looks of Mawby’s Facebook page, she certainly seems to suit Phelps’ alleged preferences.

Johnson is reportedly aware of Phelps’ philandering, but has accepted it as a trade-off for the lifestyle that accompanies dating one of America’s most revered athletes.

So yeah – it looks like Phelps may have retired from the sports world in order to focus on being a player!

Check out some of his racy texts to Chandler in the gallery below: