The perfume, which will be launched across the whole of Europe on 1 August, will be called Femme and is part of the Boss Woman range.
This will mark the first time in five years that Grey London has worked on one of P&G's fragrance brands.
The agency, which used to handle the advertising duties for the P&G fragrance Giorgio Beverly Hills, has been briefed to create a TV campaign consisting of a number of 20-, 15- and ten-second commercials that will run across the continent.
Femme will be the second new fragrance released this year by the FMCG giant. In March, the company launched Pure Purple, a perfume aimed at 16- to 30-year-old women.
The launch was backed by a digital campaign created by Clark McKay & Walpole. The work directed consumers to a microsite on the main Hugo Boss website.
The news follows this week's decision by P&G to sponsor English cricket with its men's ranges of Boss fragrance and Boss Skincare products.
The agreement includes strategic advertising boards, scoreboard advertising and promotional opportunities at all seven of the country's Test-match grounds.
P&G and Grey refused to comment.