The X Factor judge stripped off for the magazine in 1995 following her divorce from actor Julian McMahon and revealed that she would do it a second time "if the money was right".
She told New! magazine: "I did Playboy when it was cool and shocked myself and many others.
"But it was a liberating at the time. I would do it again. If the money was right, then sure. Who knows, it might happen this year too."
She added: "I had just had a marriage break-up. Most women go to the hairdressers - I did Playboy."