The Australian-born supermodel has been chosen to front the high street store's new spring/summer 2014 campaign around the world.
This also coincides with the opening of the Swedish retailer's first ever foray into Australia and the Philippines, with one of their biggest outposts due to open in Melbourne.
Miranda announced the news via a video clip on Instagram, and the images are due to be unveiled next month.
In replacing Gisele, the mother-of-one - who has three-year-old son Flynn with her estranged husband Orlando Bloom - comes one step closer to knocking the Brazilian beauty off the top spot of Forbes' highest-paid models list.
The unbeatable Gisele has topped the list for the past seven years, earning £27 million between June 2012 and June 2013, while Miranda came in second place with just £4.46m during June 2012 - June 2013.
Miranda recently ended her contract with rival store Mango, and hung up her wings as a Victoria's Secret Angel. She is currently the face of Swarovski and has her own skincare company, Kora Organics.
Ono is to receive a credit for co-writing 'Imagine', 46 years after it was released.
Famous rocker Steve Earle has calls Noel Gallagher ''the most overrated songwriter ever'' and praised Damon Albarn.