The 39-year-old star will represent the newly-launched Boss Nuit Pour Femme perfume in the latter part of 2012, reported Contactmusic.
Paltrow, who has two kids with Coldplay frontman Chris Martin, described the product as something for a strong yet feminine woman.
"To me, the Boss woman is driven, ambitious and goes after what she wants, but she balances being strong and very feminine at the same time -- characteristics that I strive towards in my own life," she said.
The "Iron Man" star will be appearing in TV, print and online campaigns for the scent, which is inspired by "the elegance and sensuality of the little black dress."