The daily Expressen said that Madonna was in negotiations with the company.
“She’s a superstar, a style icon – and controversial. Now Madonna could be H and M’s next clothing model,” the paper said.
H and M would neither confirm nor deny the report. “Our policy is to never comment on such reports,” company spokesperson Kristina Stenvinkel told AFP.
The retailer announced earlier this month that Dutch designer duo Viktor + Rolf would create a special collection for H and M this autumn, to be launched in November.
But it has yet to announce who will don the creations in the accompanying advertising campaign.
Previous H and M models have included superstars Naomi Campbell, Cindy Crawford and Anna Nicole Smith.
Last year, British supermodel Kate Moss was dropped from the group’s ad campaign after allegations arose that she had taken cocaine.
Expressen pointed out that Madonna had a long history of collaborating with Swedes, including music producers, songwriters, music video directors and even her yoga instructor.