NEW “Live!” host MICHAEL STRAHAN  seething with jealousy and threatening to call off his engagement after see­ing fiancée Nicole Murphy in a racy music video with hun­ky singer London Taylor, say sources.

“When Nicole first told Mi­chael about starring in the music video, she forgot to tell him she would be caressing a sexy young singer and show­ing a lot of skin,” declared a friend.

“But Michael should have known something was wrong by the title of the video – ‘No Panties’!”

In the sizzling video, Nicole plays a stranded motorist in the middle of a desert. She eyes the singer, who is driving by in a muscle car.

Nicole’s character leans over the driver-side window – prac­tically displaying her breasts, and the two end up caressing each other on top of his car!

An outraged Michael, who just started his co-hosting gig in September, is furious with Nicole, divulged the friend.

The 40-year-old former pro football star told Nicole – who is Eddie Murphy’s ex-wife – that he works on a family show now and she needs to tone down her suggestive behavior to something more G-rated.

“Little old ladies watch me every day, and it isn’t going to go over too well if they see you on screen caressing another man in a music video,” Michael told Nicole, according to the source.

The couple, who got engaged in May 2009, have had their share of ups and downs.

The gap-toothed TV person­ality, who tapes in New York, regularly calls Nicole in Los Angeles to check up on her, say sources.

“His jealousy is threatening to ruin their relationship,” said the friend. “Only time will tell if it lasts.”