The style icon is close to signing a "mega-bucks deal" to star in adverts for the designer's 2005 Spring collection, a spokesman said.
Rosenberg said: "This is in the conversation stage. Donatella Versace is talking to Madonna about it, but Madonna hasn't made a decision yet."
The advertising campaign will be photographed by Mario Testino, who also took the photos when Madonna starred in ads for Versace in 1995.
A source said: "Madonna is less known for wearing cutting-edge fashions these days, but she's still a style icon."
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