Sources tell People that Annie Liebovitz will shoot the image, which will be featured along with Jenner's first print interview since he revealed that he is transitioning.
Some reports have said that Jenner has already undergone gender reassignment surgery, although when Kim Kardashian asked him about that on Keeping Up with the Kardashians: About Bruce, he dismissed the question.
Although Jenner told Diane Sawyer during his 20/20 interview last month that he prefers using male pronouns, the Vanity Fair profile will reportedly reveal that he refers to his female identity as "her."
Jenner will chronicle his transition in an eight-part docuseries for E! that premieres July 26 at 9/8c.
Look back on Caitlyn Jenner's inspiring journey: