In one ad, the 27-year-old swimmer is lounging in his bathtub, wearing black Speedos with his goggles placed on top of his head.
The second ad features Phelps out of the water and in a three-piece suit while having tea in a fancy room.
The Vuitton campaign was shot by famed photographer Annie Leibovitz.
Phelps has announced that the London 2012 Games - where he became the most decorated Olympian by winning a total of 22 medals - will be his last.
Phelps can be seen next on the fifth season of the Golf Channel's The Haney Project as he tries to improve his skill under the guidance of Tiger Woods's former coach Hank Haney.
"I want to play all the world's great golf courses, but I'd like to play them well," Phelps said.
"I'm excited about this project with Golf Channel and I'm looking forward to working with Hank and see what we can do together on the golf course."
Watch the trailer for video game Michael Phelps: Push the Limit below: