As reported yesterday, Bar Refaeli has been chosen to grace the cover of this year's Sports Illustrated Swimsuit Issue, and now we have an advance look at Refaeli's cover.

The 23-year-old Israeli-born model—also known as Leonardo DiCaprio's on-again, off-again girlfriend—follows in the sexy footsteps of modeling giants as Cheryl Tiegs, Heidi Klum and Tyra Banks, who have all graced the cover of the SI Swimsuit Cover in the past.

Refaeli is rumored to have lost out on last year's cover to Marisa Miller after revealing too many advance details about her cover deal and ruining Sports Illustrated's much-coveted element of surprise.

The new cover choice was revealed on last night's episode of Late Night With David Letterman; a billboard of the cover was unveiled yesterday on Broadway in New York as last night's show was taping.

For those of you who don't have an opportunity to walk down Broadway on a daily basis, here's the new cover in all its glory.

Have your say in the comments section: What do you think of Bar Refaeli's Sports Illustrated cover?