The multi-year deal was brokered by Plus, the WPP shop dedicated to Chanel.
The brand will "explore female creativity and self-expression through collaborations with remarkable women".
The content, which will be created by Vice, will include video and editorial. It will be available on i-D.co as well as on other Vice channels.
A statement from Vice said: "The initiative brings together the world’s pre-eminent youth media brand and content studio with Chanel Fragrance, to inspire a new generation of millennial women."
In 2014, Chanel No 5 hired Baz Luhrmann to direct a three-minute film featuring the model, Gisele Bündchen. The brand has traditionally created its advertising in-house.