Reality TV
Rex Features
Rumours that The Hills star would appear in the adult publication first surfaced earlier this year, with reports that she would earn $500,000 for the shoot.
"There is nudity. It's tasteful - she had a lot of fun with it," said an insider.
Playboy and Montag's representatives have not commented on the claims.
The reality TV star and her husband Spencer Pratt have been at the centre of controversy in the US version of I'm A Celebrity..., with the pair withdrawing from the jungle on several occasions.
The couple pulled out of the show permanently at the start of the week after Montag was hospitalised with a stomach bug.
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