Recession? What Recession! Megan Fox will reap a big payday to model in her underpants. The stunning star of Transformers and Jennifer’s Body, 23, has landed a seven figure deal to replace Victoria Beckham as the new face and body of Emporio Armani Underwear and Armani Jeans, sources close to the deal dish to The Associated Press.

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.