Showbiz
Rex Features
The singer has been lined up as the face of the fashion giant's spring/summer campaign and was photographed by Steven Meisel, who also worked on her controversial 1992 book Sex.
Meisel recently photographed the star clutching a giant globe for her Vanity Fair cover shot.
The rumoured payment for the one-off job tops Kate Moss's earnings for the whole of 2007, listed as £6 million by Forbes magazine.
Speculation about the deal began earlier this year when Madonna was photographed on a number of occasions carrying the firm's latest bag design.
The 50-year-old has previously fronted campaigns for Gap, Versace, H&M and Max Factor.
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