Kendall Jenner will not be one of the angels walking the catwalk for the "2017 Victoria's Secret Fashion Show," but it was her choice ... made easier by a boatload of cash.

Our Kardashian family sources tell us Kendall didn't even audition for the gig because she has a major deal to be the face -- and other body parts -- of La Perla. We're told her multi-million dollar deal with the upscale lingerie line includes a non-compete clause ... so, walking for VS would've been a major no-no, anyway.

Fans were surprised when the list of models for this year's VS show didn't include Kendall -- especially because she did it last year, and her pal, Gigi Hadid, is doing it. What can we say? The chick got a wayyy better deal.

If you're disappointed ... there's always 2016.

Show Full Image