The supermodel - who already fronts campaigns for Calvin Klein Jeans, Calvin Klein Collection and ck Calvin Klein - will star in the Naked Glamour advertising campaign later this year.
Helen McCluskey, chief operating officer of The Warnaco Group Inc. which owns the Calvin Klein Underwear and Jeans businesses, described the ad images as "traditional Calvin Klein, black-and-white, with incredible eye contact.it's about lifestyle, it's sexy, and images are up close with cleavage".
CEO Joe Gromek added to WWD: "It's a very compelling campaign."
Although actress Zoe Saldana presently appears in the ads for the Envy campaign for Calvin Klein Underwear, a spokesperson for the company insists Lara is not replacing Zoe as the face of the brand.
Lara joins a host of celebrities - including Pixie Geldof, Ruby Aldridge, Sky Ferreira, Abbey Lee Kershaw, Alice Dellal and Fei Fei Sun - who currently feature in a global advertising campaign shot by Steven Meisel for ck one.
The model - whose US size four figure is deemed 'curvy' by catwalk standards - has previously said she thinks her womanly figure has helped her become a success.
She said: "I'm different because I am fat. It would be nice if I wasn't the only person with t*ts and an a**e.
"If I could have the discipline to be super-skinny I would be. I think of dieting, then I eat pizza. I'm a woman, and every woman wants to be thinner - unfortunately."