Upton will be wearing a coat instead of a bikini top for the "Polar Bare" theme for the 2013 edition of the swimsuit issue. The shoot took place in Antarctica, E! reported.
"We can finally talk about Antarctica!!!!!...Took us 2 months to thaw out," Upton tweeted after news of her cover shoot was leaked.
Upton first appeared on the cover of the issue in an inset in 2011 and commanded the entire cover to herself in 2012, E! reported.
She joins a small list of models who have been on the front of the issue multiple times -- Christie Brinkley in 1979-80, Elle Macpherson in 1986-88, Paulina Porizkova in 1984 and 1985, and Tyra Banks in 1996 and 1997.
"Congratulations Ms.@kateupton !! Making history!" tweeted 2010 SI swimsuit cover girl Brooklyn Decker.
Notable deaths of 2014 [PHOTOS]
Polly Bergen, Emmy Award-winning actress, dies