WWD reported on the news this afternoon, but nothing has been confirmed as the people at Bobbi Brown have "declined to comment".
While it's nothing to get too excited about just yet, do you think Holmes would be a good fit for the makeup brand? With her Holmes & Yang fashion line already under her belt, we think this new project has got winner written all over it.
Let us know your thoughts on the latest beauty gossip and to see more of Katie, take a look at her style evolution below:
Hear about Katie's fashion week plans in the video below: