In the midst of a blood letting at NBC, co-host NATALIE MORALES is said to be exiting from TODAY.

Reportedly, Morales reps have been looking for other jobs as cohost Tamron Hall and NBC News prexy Deborah Turness duke it out.

Natalie joined Today in 2006 but has been passed over the top anchor slot – with role going to Savannah Guthrie.

The New York Post’s Page Six reported that there’s a lot of tension between Natalie and the NBC news prez Turness –with sources saying they haven’t even talked in months.

In addition, there was a reported big-blowup last month  – that’s “the talk of the NBC staff.”

But a NBC insider threw water on the report, saying “Natalie has two more years on her Today contract. Her agent hasn’t made one outgoing call.’

Other networks have been allegedly dangling offers to Natalie, the insider claimed.

So — Is she or isn’t she? Only her agents really know for sure!