We hear Megan will pocket $2 million to strip down to post up in her panties in Armani’s upcoming Spring/Summer 2010 campaign, debuting later this year.

Most endorsement deals pay celebrities from $500,000 to $2 million for an ad campaign that runs a year, and Fox will make toward the high end of the range, a person familiar with the deal told The Associated Press.

The outspoken Transformers actress will replace singer/fashion icon Victoria Beckham in the Emporio Armani 2009/2010 autumn/winter ladies underwear campaign.

Megan will also be the new official spokesmodel for Armani Jeans.

In a statement Wednesday, Armani announced that the soon-to-be unveiled advertisements were shot by photographers Mert Alas and Marcus Piggott in Los Angeles last weekend. The photogs also took the Beckhams’ underwear ad pictures.

Just last Friday, the Milan-based fashion house said Portuguese soccer star Cristiano Ronaldo would replace David Beckham as the new sports model for the men’s underwear line.

Victoria has opted not to renew her one-year contract with Armani after choosing to instead put her energy into her various fashion and beauty ventures, which include dVb Style denim and dress collection, a line of sunglasses, and a number of fragrances under the Intimately Beckham label.

“Megan is perfect for Armani. She’’s one of the hottest woman in the world and will have huge appeal,” News Of The World has learned.

The former Spice Girl, now 35, shows off her new skill in her latest print ad for Emporio Armani’s Autumn/Winter Collection, photographed by Mert Alas and Marcus Piggott in Milan earlier this summer.

Armani frontman David Beckham is being lined up to appear in a new ad campaign with the fashion house’s new spokesmodel, Oscar-winning actress Angelina Jolie. The 34-year-old soccer star has already shot ads for the designer brand with his wife Victoria, 35, and now we hear Armani bosses are hoping Becks will show off his famous pecks alongside Hollywood’s hottest mom.

“When you have David Beckham and Angelina Jolie signed up to your fashion house, it’s a no-brainer to link them up,” a source spills PopLife.com. “The two are exceptionally beautiful on camera, but both committed to long-term partners so the ad would have to be sexy without offending their other halves.”

“They appeal to a diverse audience, and a collaboration would create so much publicity, it would push Armani head and shoulders above their rivals,” the insider added. “There are a few contract issues to be addressed, but marketing experts are being tasked with coming up with clever ideas for a print campaign.”

Victoria and David Beckham strike a serious pose in the new ad campaign for the Autumn/Winter 2009/10 Emporio Armani Underwear collection.

Photographed by fashion photographers Mert Alas and Marcus Piggott, the Beckhams new ads will appear on billboards in New York, Los Angeles, London, Milan, Rome, Paris, and Tokyo later this month.

The street was cordoned off by police as thousands of fans crowded the store’s entrance to get a look at David’s naughty bits.

Last year, signed a multi-million dollar deal to become the new global ambassador for Italian fashion house Giorgio Armani.

“David has a great sense of style and is an inspiring role model –- this is what makes him the perfect partner for Emporio Armani underwear,” says Giorgio Armani. “I am very excited that David Beckham’s new campaign image was unveiled exclusively in his home country — and where better than at such an iconic retail destination as Selfridges.”

Stylista Victoria Beckham unveiled a new 20-foot banner — of herself — promoting the Autumn/Winter 2009/2010 Emporio Armani women’s underwear collection at Macy’s Herald Square in New York City on Wednesday.

What do you think of Vic’s newest ad for Armani underoos?

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Animal rights activists with People For The Ethical Treatment of Animals are urging Oscar nominees to boycott Armani designs this awards season in protest of the company’s continued use of fur.

The company is furious with the Italian designer for going back on his word to stop using fur in his high-priced collections.

PETA bosses have taken out a full-page ad in daily trade magazine Variety, asking this year’s Academy Award nominees not to wear Giorgio Armani’s designs to this year’s ceremony.

Victoria Beckham sizzles in her first lingerie shoot for designer Giorgio Armani’s Emporio Armani collection.

The mother of three landed the $24 million contract with the luxury fashion brand last year, following in the footsteps of “footballing” hubby David Beckham, who fronted his own Armani undies campaign in 2008.