DIANE SAWYER’s bizarre behav­ior on election night has pals worried that she’s freaking out over her fading career!

After the 66-year-old ABC news star slurred her way through election coverage, Twitter and online social networks exploded with speculation that she was either drunk or high on drugs.

But insiders blame Diane’s wacky on-air antics on the pressure she’s feel­ing over rumors that she’s facing the axe and that “Good Morning America” host George Stepha­nopoulos will replace her.

“Suddenly, Diane’s gone from be­ing seen as a great news pioneer to an over-the-hill airhead,” a network source told The ENQUIRER.

“Meanwhile, George is being hailed as the new Walter Cronkite. Diane feels as if she’s being pushed aside, and it’s driving her crazy.”

As tension mounted after the polls closed Nov. 6, a seemingly giddy Diane mispronounced words and even called the White House winner “Barack O-rama.”

Singer Josh Groban tweeted: “I’ll have what Diane Sawyer is having.”

“Real Housewives of New Jersey” star Albie Manzo also went on Twitter to declare: “Diane Sawyer is waaaaaas­ted right now.”

But the source said: “Her behavior was really due to the stress she’s feel­ing about her job being under threat. Diane has been work­ing really hard and she was tired. It was like a mini-meltdown.

“George is her stand-in on ABC’s evening newscast, and after he was her partner on election night, she’s even more convinced the net­work brass is look­ing to dump her and give him the job permanently.

“It’s placed a lot of strain on her, and she hasn’t reacted well.”