But the real question is. . . Will She Also Wear Vagina-Scratching Panties?

MIRANDA KERR has been chosen by Victoria’s Secret to wear this year’s jewel-encrusted “Fantasy Treasure Bra”.

It’s worth $2.5 million and it’s studded with nearly 3,400 stones, including 142 carats of white and yellow diamonds, pearls, aquamarines and “faceted citrines”.  They’re all set in 18-karat white and yellow gold.

The centerpiece features two white diamonds, each of which are more than 8 carats, plus two 14-carat yellow diamonds.

Miranda will wear it at the Victoria’s Secret Fashion Show, which airs on CBS in November, and in their “December Dreams and Fantasies” catalogue.

(Miranda wasn’t at the show last year because she was pregnant with ORLANDO BLOOM’S baby.)

Miranda says, quote, “It’s such an honor to wear the bra.  And it’s such a piece of artwork!  It’s absolutely stunning . . . it kind of feels a little mermaid-like . . . but I can’t believe I’m wearing $2.5 million on my chest.”

One thing no one is mentioning is whether or not there’s a matching set of panties for the bra.  If there is, Miranda may be in for some discomfort in her NETHERS.

Model SELITA EBANKS wore the bra . . . with equally expensive jewel-encrusted panties . . . in 2007.  And she learned a little something about pain.

A few months ago, she said, quote, “It hurt.  Yeah, diamonds hurt.  I don’t know about wearing diamonds on your crotch.  It’s like you’re walking and scraping.  This is not [conducive] to get a man.  No man wants a scratchy vagina.  That’s not sexy.  Nobody wants bruises on their vagina.”