The 22-year-old model had earlier apparently turned down a USD 150,000 offer to pose for Playboy, but she agreed to be photographed nude by Tony Duran for the latest edition of Treats!, reported People magazine.
Penn, 22, has been photographed in a series of provocative pictures, including a fully bare cover shot.
"I knew his photography from before I was asked to shoot and really admired him as an artist. I have always loved his black-and-white nudes, they were always so tastefully done and, more specifically, showed that certain elegant yet strong beauty that I think all women embody," Dylan said.