The legendary swimmer - who became the most successful Olympian of all time at London 2012 after winning his 22nd Olympic career medal - appears in The Core Values campaign for the French fashion house alongside former Soviet gymnast Larisa Latynina.
The pictures of Michael and Larisa - who was the most successful Olympian of all time prior to Michael overtaking her - were taken by Annie Leibovitz and were released by the brand today (17.08.12).
According to the label's press release, the pair had a lot to talk about - such as ''their very different backgrounds and their shared path to glory; their greatest moments and their abiding memories; their personal journeys - in the world of sport and beyond''.
The pair were chosen because they share the same belief as Louis Vuitton - ''the importance of transmitting their passion to others''.
The campaign's tagline reads: ''Two extraordinary journeys. Just one way to get there. Larisa Latynina and Michael Phelps. Gymnast and swimmer of legend.''
They follow in the footsteps of heavyweight boxing champion Muhammad Ali, Angelina Jolie, Rolling Stones guitarist Keith Richards and U2 frontman Bono who have all modelled for the label's Core Values travel line.