Banks will join a large number of other women who have appeared nude for Playboy, including Marilyn Monroe, Cindy Crawford, Naomi Campbell, Farrah Fawcett, Elle Macpherson, Kim Kardashian, Drew Barrymore, Iman, Daryl Hannah, Sharon Stone, Grace Jones, Brooke Burke and Pamela Anderson.

Banks has had her fair share of controversy in the past and always seems to be engaged in a Twitter war with another celebrity. Last year, the rapper had a war of words with blogger Perez Hilton which took a nasty turn when she called him a "messy f----t."

Banks often throws the word around despite many of her fans and critics taking offense. During a November interview with The Guardian, she explained that the word "f----t" doesn't necessarily have to refer to a gay man. She also opened up about her views on misogyny in the gay community.

"I don't regret doing it, but I'll never do it again, because I don't care enough about the person to have the battle again and defend my use of the word 'f----t' ... A lot of gay men are way more misogynistic than straight men. The shit they say about women behind their backs, it's like: 'Wow, oh my God!' You can be a straight f----t, you can be a gay faggot. A f----t is anybody that hates women. It's like, y'all sing along to my words when I'm saying 'n***a' and 'cunt,' but as soon as I call this one white man a f----t the whole world exploded. Listen, I didn't say all gay men are f----ts; I said Perez Hilton is a f----t, so don't try and bring the rest of the gays down with your f----try."

In November, Banks released her album "Broke with Expensive Taste" on iTunes. The album will be released in stores nationwide on Mar. 3.