The new fragrance should appear before the end of next year, according to Parlux Fragrances, which unveiled the deal today.
Sharapova has already signed a deal with Motorola following her victory at Wimbledon this year, where she won the women's single's title. It is the first time the mobile phone company has signed a celebrity to endorse its products since 1993.
Ilia Lekach, chairman and CEO of Parlux, said: "We believe that Maria is a special young lady with a remarkable sense of fashion."
Lekach, who is also Russian, added: "We believe her fragrance will spearhead our global expansion into Eastern Europe."
Parlux will be hoping that Sharapova, who is just 17 years old, has some staying power. Her male counterpart as the youngest player to win Wimbledon, Boris Becker, managed to repeat the feat a year later but famously dropped out in the second round on his third appearance at the All England Tennis Club.
Other female tennis players such as Tracy Austin in the 1970s and Jennifer Capriati in the 1990s, showed similar early promise, before succumbing to the pressure of international fame and crashing out of the game.
Sharapova said: "This is a great opportunity for me to do something creative and fun. I love the world of fashion and I'm looking forward to experiencing it first hand."
Parlux is behind fragrances for the fashion labels Perry Ellis and Guess?, as well as Paris Hilton. The deal was negotiated by IMG.
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