The Obama's signed the book deals with Penguin Random House, it was confirmed on Tuesday night. And while no advance fee was disclosed, it was earlier reported in the US media that bidding to sign the couple had gone over the $60million mark.
If true, this figure is four times higher than the $15million advance ex-President Bill Clinton received for penning his memoir back in 2000.
One unique and generous aspect of the deal is that 1million books will be donated in the name of the Obama's to the First Book project, which aims promote education and reading skills amongst underprivileged children. It's also understood that the Obama's will make a sizable donation to charity.
"We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama," Penguin Random House CEO Markus Dohle said in a statement.
"With their words and their leadership, they changed the world, and every day, with the books we publish at Penguin Random House, we strive to do the same. Now, we are very much looking forward to working together with President and Mrs. Obama to make each of their books global publishing events of unprecedented scope and significance."
Barack Obama has already written two critically acclaimed memoirs before going into the White House, but his wife Michelle has revealed very little so far about her own backstory and time as First Lady; in fact, she has only published 'American Grown', a book about food and gardening, back in 2012.