The US reality series, which also features Jessica Simpson, Nicole Richie and menswear designer John Varvatos as mentors, follows wannabe fashion designers competing against each other to create the best clothes with restricted time, materials and themes.
According to the Herald Sun, Australian television network Channel Ten has acquired the rights to Fashion Star.
Although Ten will initially just air the first season of the US series, there are also rumors that an Australian version of Fashion Star could be in the pipeline.
Earlier this year, Macpherson was believed to be in the running to take over as the presenter of Australia's Next Top Model after Sarah Murdoch quit her role. The reports were later revealed to be false due to her Fashion Star commitments.
Other stars who have been linked to the Australia's Next Top Model hosting job include Miranda Kerr, Jennifer Hawkins and Megan Gale.
> 'Fashion Star' John Varvatos Q&A: 'Internally, I've rolled my eyes'