The company has already launched The True Star women's collection back in September 2004, using another global singing star, Beyonce, to promote the fragrance.
The company said that the terms of the deal with Iglesias would not be disclosed, although it is widely known to be a multi million dollar contract.
Tommy Hilfiger, honorary chairman and principal designer of Tommy Hilfiger said: "Enrique's great qualities and his universal appeal make him a great fit for the True Star Men fragrance."
It is undoubtedly a good move for the forthcoming fragrance launch. Currently Iglesias is a multi-platinum, international recording artist. He grew up immersed in various cultures and appeals to multiple audiences around the world. The company is hoping to cash in on his sleek image and significant following all over the globe.
"Enrique represents the universal power of music. His worldwide appeal brings an exciting new spirit and depth to the Tommy Hilfiger Fragrance business," said Fabrice Weber, president, Aramis and Designer Fragrances, who is responsible for creating the new fragrance.
Tommy Hilfiger is a part of the Estee Lauder group - another fragrance maker that is no stranger to star sponsorships. The company recently announced record-breaking results, which it partly attributed to last year's agreement with Britney Spear's to sponsor its Curious fragrance line, which has since gone on to be an international best seller.
Likewise, Tommy Hilfiger is no stranger to star sponsorships either. As well as Beyonce and Iglesias, the company has teamed up with names like Lenny Kravitz and in the past few days has launched a campaign featuring David Bowie and his wife Iman to promote the new H Collection clothing line.
Tommy Hilfiger Toiletries has produced fragrances and body products under license since 1995. It is part of The Aramis and Designer Fragrances division of The Estee Lauder Companies, which creates and markets fine and designer fragrances and skin care under the Aramis and Lab Series names.