The 19-year-old model and actress - who is the daughter of the late music legend Michael Jackson - has been announced as the latest representative of the fashion house after having signed to WME and IMG Models in March this year.
And it has been reported the blonde beauty is set to sign a seven-figure contract, which is worth "many millions" for her upcoming venture.
Speaking about the style icon and her debut fashion campaign with the popular American fashion house to the New York Post's Page Six column, a source said: "This deal is to make Paris the new face and body of Calvin Klein. The deal, which is just about to be signed is huge, worth seven figures, many millions. Expect to see Paris in huge ad campaigns and on many red carpets in Calvin Klein."
However, Paris set tongues wagging earlier this week she could be working on a project with the label as she attended the 2017 Met Gala in New York on Monday accompanied by Calvin Klein's chief creative officer Raf Simons and adorned a black cut out dress by Calvin Klein by Appointment.
And Paris is set for a busy year ahead as she is reportedly in talks to make her movie debut in an Amazon Studios' untitled movie, which will see her portray "an edgy 20 year old" named Nelly in the production, alongside Joel Edgerton, Amanda Seyfried, Charlize Theron, Yul Vazques and Thandie Newton.
The star will be starring alongside British actor David Oyelowo, who is best known for his role in the 2014 movie 'Selma', and has been cast as businessman Harold Soyinka, who gets caught up with untrustworthy business partners, Mexican drug lords, mercenaries and police officers.