The campaign, created by WPP's Rainey Kelly Campbell Roalfe/Y&R, also stars celebrity chef Gordon Ramsay, Dame Helen Mirren, former 'EastEnders' actress Martine McCutcheon, and 'My Best Friend's Wedding' actor Rupert Everett.
The ads see each celebrity telling the viewer what they think makes the perfect cocktail. For example, Mirren lies seductively on a chaise longue and says, "having something delicious to nibble on", before pulling Everett beside her.
This is the third year running M&S has launched a celebrity themed pre-Christmas campaign. Last year, it launched a Christmas panto-themed campaign starring Emma Bunton and Will Young among others.
The "Cocktail party" campaign launches tonight during 'Coronation Street' and will run until Christmas Eve. Media planning and buying is through Walker Media.
Stevens, 24, who was voted sexiest woman in the world in an FHM poll, has launched a successful solo career since leaving S Club. She is expected to add a touch of glamour to the campaign and M&S is hoping it will attract younger customers to the store this Christmas.
Earlier this week, the ailing retail giant announced its half-year results with a 40% drop in profits.
It has been a disappointing four months for M&S as sales have deteriorated steadily since it fended off a takeover bid from Arcadia boss and retail entrepreneur Philip Green.
In an attempt to reverse the decline, chief executive Stuart Rose yesterday announced that the "tired looking" M&S stores will undergo a revamp in the next three to four years.
Rose estimated £1.25bn will be needed to revamp 300 stores, following the £7m Basingstoke store revamp, which included replacing the dull carpets with hard, white flooring, the endless rails of clothes replaced with more attractive product placement and a rich red interior as opposed to drab green.
The fittings rooms, food hall and lingerie sections have all been given a unique makeover, as have the staff, who no longer look like BA air stewardesses but smart and modern in black.
Marketing director Steve Sharp has called the redesign "brillliant" and "an extremely large step in the right direction".
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