The deal has been done with Coty, which also creates fragrances for Jennifer Lopez and designers such as Marc Jacobs, Vivienne Westwood and Jil Sander.
According to The Sun, the deal will see a David Beckham-branded aftershave launched this summer, with a perfume by Victoria Beckham to follow later in the year.
The brand will be backed by a massive global advertising campaign, but the Far East is expected to be the biggest market for the fragrances, where the couple, who announced the birth of their third son Cruz on Sunday, have a loyal fan base.
David Beckham, England captain and Real Madrid star, is something of a poster boy for the male grooming industry with his current ad deal with Gillette and previous agreement with Brylcreem. His wife Victoria, one-time Spice Girl, has appeared in ads for Walkers and was once the face of music mogul Damon Dash's Rocawear fashion label.
The couple also appeared in an ad campaign together to promote the Tokyo Beauty Centre, but this was only screened in Japan. One of the ads spoofed the 1960s sitcom 'Bewitched'.
Coty is no stranger to celebrity endorsements. As well as creating fragrences for Jennifer Lopez, Celine Dion and Isabella Rossellini, it has a deal with the model Kate Moss, who is the face of its Rimmel cosmetics brand.
Other brands it produces cosmetics and fragrance for are Adidas, Stetson and Davidoff. Coty had sales of $1.95bn (£1bn) in 2004.
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