The Los Angeles Times reported that magazine known for merging sex tips and urban chic would partner up with the retailer to sell a line of shoes, handbags, sleepwear and lingerie.
Design teams from both companies worked together and came up with leopard-print panties and slinky lingerie, the newspaper said.
Both companies are undergoing transitions. J.C. Penney has tried to upgrade the brand, which has always represented Main Street more than Fifth Avenue.
The retailer has also said it would lay off hundreds of employees.
At Cosmopolitan, sales fell nearly 16 percent January through July to 1.4 million. It was still the top-selling magazine in the country, however, the newspaper said.