The nine-minute visual stars supermodels Namoni Campbell, Cindy Crawford. Eva Herzigova, Helena Christensen and Yasmin Le Bon, and features a lot of boobs, bums, bondage-style fashion and girl-on-girl action.
But according to digitalspy.com.au, a source claims the clip, is 'tame' compared to other pop videos.
"MTV are simply overreacting to this video, it's not like this is anything new in pop videos, which have always been controversial. Compared to some pop videos this is all rather tame."
The source also claims the clip was banned due to "blatant product placement" but that the band had an "amazing time filming the video and certainly don't take themselves too seriously."
MTV has asked the director of the vid, Jonas Akerlund, (who has previously worked with Lady Gaga) to re-edit the cut before they agree to show it.
What do you think? Are the music channels overreacting, or is 'Girl Panic' too much for TV? Check out the clip above.