The doll will not be available to buy, but will be distributed in hospitals treating children with cancer.
The news comes after a Facebook campaign called 'Beautiful and Bald Barbie! Let's see if we can get it made' caught the eye of big cheeses at Mattel, the makers of the classic Barbie doll.
The Facebook page was set up by friends Jane Bingham and Beckie Sypin, after they heard about four-year-old Genesis Reyes, who had lost her hair after treatment for cancer.
A parent of another child having treatment at the same hospital as Genesis asked their friend, who happened to be the CEO of Mattel, to create a one-off bald doll for the little girl, who said she didn't feel like a princess without her hair.
And the rest, as they say, is history!
The new bald Barbie will come with hats, scarves and other accessories. Wigs will also be removable and interchangeable.
Mattel say it will not be selling the bald Barbie, "but rather more directly and immediately get these into the hands of children who can most benefit from a play experience with these dolls."
The company also plans to donate some of the dolls to the National Alopecia Areata Foundation and CureSearch for Children's Cancer.