Could Gucci develop a makeup line for next year? 

There's a possibility that the iconic Italian fashion brand is looking to expand into the cosmetics world, according to the Women's Wear Daily. 

The word is that Gucci has had a licensing contract with Procter & Gamble Co's Prestige Division since 2006, developing several fragrances like Gucci Premiere with ambassador Blake Lively and the Gucci Guilty franchise with Evan Rachel Wood and Chris Evans.

They are rumored to make their first foray into makeup under that P & G umbrella to hit shelves in 2014.

The brand, which was just involved in a recent Sound of Change concert in London, has a strong foothold in P & G. How?

Well, P & G's global creative design director Pat McGrath also does makeup for Gucci's runway shows, according to Elle. They report that there's a huge chance that McGrath would helm the rumored makeup project.

Lately, fashion icons are making grand entrances into the cosmetics world. Alber Elbaz's collaboration with Lancome just hit stores earlier this month, and Michael Kors is debuting a cosmetics line in August while Marc Jacobs is doing the same for the first time with Sephora this Fall, according to Fashionista.

Think Gucci has a future in makeup? Tell us below!