Lab swallowed a sponge!?
It sounds like to your dog it hold the items that hold your personal scent, most potently, as it's highest valued item. You either have to find something to replace it by finding a particular item the dog finds more interesting and trade it. Or give them a negative connection in the dogs mind. I have 2 dogs and one of them loves my panties (they are sneaky and I don't know which one it is) so my only resort is to put a negative connotation to in their minds. I will intentionally leave something where they will find it but don't know I see them, and I use shake bottles to deter them. It startles them. When their mind is in a state of, let's chew on this cause I'm bored, the sound loud shaking sound startles them out of that state of mind. After repeating this a number of times they will associate the item with the sound that they don't like, so they will avoid the items.