The Cruz sisters have already dabbled in the world of fashion, designing a capsule collection for Spanish retail giant Mango back in 2007.
But this time, Penelope Cruz and her sister Monica are trying their hand at something a little sexier.
The duo have joined forces with British lingerie brand Agent Provocateur to launch a lower-priced, younger collection of saucy underwear entitled L'Agent.
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The diffusion line will feature 15 styles, including a selection of bras, briefs and corsets.
"It is so exciting for me and Monica to embark in this new adventure," said Penelope.
"We have always been huge fans of Agent Provocateur and both of us are very much looking forward to this long term collaboration. We feel extremely happy to become part of this great team."
Younger sister Monica has already been involved with the brand, having been cast as the face of their autumn/winter 2012-13 ad campaign.
And the 35-year-old, who is a celebrity in her native Spain and acted as a body double for pregnant Penelope in the latest Pirates of the Caribbean film, was stunning in the series of racy shots.
She showed off her svelte physique in some of the label's form fitting sexy underwear against the backdrop of a former London prison, in a dark, windless room with a chain hanging from the ceiling.
"Monica was sensational, and Penelope has always been a muse for Agent Provocateur," said Sarah Shotton, Agent Provocateur's creative director.
"Penelope and Monica are both long-time lingerie fans and have brought a new design sensibility to the brand. Working with the Cruz sisters was a great opportunity to bring the diffusion line to life and to further strengthen the brand's relationship with them."
The sisters are said to have been heavily involved with all aspects of the collaboration.
They have sourced vintage pieces and fabric swatches for inspiration, as well as designing the labels and hangers.
The partnership is expected to last a minimum of five years.
But, unfortunately for fans who can't wait to see the results of this collaboration, the design process is still in the early stages and the collection's worldwide release will be on August 1, 2013.