The deal would see Beckham front a billboard and poster campaign, as well as endorsing the new fragrance, which would carry his signature.
The footballer already earns cash from a number of sponsorship deals. Marks & Spencer is reported to have paid him £3m to endorse its DB07 clothing range for boys, and he is understood to get the same amount from Adidas to wear its sportswear and Predator football boots.
He gets paid £1m to advertise Vodafone's mobile phones and £2m a year to promote Pepsi and £500,000 from Castrol.
This is in addition to his £90,000 a week salary from Manchester United.
Beckham is probably the most high-profile star in UK sport today and is rarely out of the papers.
The 28-year-old footballer, who plays in the number seven shirt for Manchester United and England, is currently dominating the headlines because he is in talks to leave Manchester United.
European clubs Real Madrid, Barcelona and AC Milan are said to be considering his £30m transfer fee.
Last week, it was announced that he is to be awarded an OBE at the Queen's birthday honours later this month.
Meanwhile his wife, Victoria, has been getting a lot of publicity because the trial against her would-be kidnappers has collapsed amid controversy surrounding the News of the World's role in the debacle.
If Beckham agrees to the deal with Coty, it will be the latest celebrity signing the company has made to raise the profile of its brands. It already pays Kate Moss £2m to front the advertising for its Rimmel make-up brand. It also manufactures Glo, Jennifer Lopez's perfume range, and is understood to be working on a fragrance for Celine Dion.
Beckham is understood to have been approached by Coty, but has not yet made up his mind, according to the Mail on Sunday.
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