The Oriflame fragrances are to be launched in 55 different countries, according to an article in Swedish tabloid Expressen.
The king and queen will each select and lend their name to a perfume, which will be promoted through the distribution of 64 million catalogues.
"This is the largest product launch we have done. We want to emphasize what's typically Swedish," head of the Swedish Oriflame division Marie Abild told Expressen.
Palace spokesperson Morgan Gerle refused to confirm the report and pointed out that the royal couple already had a perfume.
"There is a perfume that has been sold for more than 10 years in the royal souvenir shops. It's called "Solliden", the name of the royal family's summer residence," Gerle was reported to have said.