Blinged-out bubbies!

Miranda Kerr (and her famous cleavage) has been chosen to wear this year's Victoria's Secret jewel-encrusted Fantasy Bra. The 28-year-old Australian beauty will model the $2.5 million stunner created by London Jewelers in the lingerie brand's Christmas Dreams & Fantasies catalogue and on the catwalk during the Victoria's Secret Fashion Show, which airs on CBS in November.

"I have always wanted to wear the Fantasy Bra, and when my agent called me and told me, I was so excited. It was really special," Kerr told Us Weekly at the bra's launch event on Wednesday in NYC.

The wife of Orlando Bloom and mom to nine-month old son Flynn follows in the footsteps of Victoria's Secret Angels like Tyra Banks, Heidi Klum, Selita Ebanks and Adriana Lima who've all rocked a version of the eye-popping creation.

The latest version, which boasts 142 carats of white and yellow diamonds among 3,400 hand-set stones, actually has a less impressive price tag than in year's past. In 2000, Gisele Bundchen worked the Red Hot Fantasy Bra and Panties set, worth $15 million -- and set a Giuness World Record for most expensive lingerie set ever created.

As for how it feels to wear the decked-out design?

"It was magical. Felt like a million dollars. Or $2.5 million!" Kerr gushed to Us.