The 50-year-old Italian entrepreneur will reportedly bare all in an upcoming issue of the adult magazine, providing that the shoot takes place in an exotic location.
"Nancy has never looked better and we are in talks," her spokesperson confirmed to The Sun.
A friend of Dell'Olio added: "She's willing to show top and bottom in a tasteful way."
Dell'Olio, who partnered Anton du Beke in the BBC contest, has also been touted to write a sex manual.
She recently revealed that she is considering legal action against Strictly judge Alesha Dixon for describing her as "unfeminine" on the show.
Watch Nancy Dell'Olio on Strictly Come Dancing below: