On the cover, tweeted by Sports Illustrated on Friday night, Upton is dressed in white swimsuit bottoms, and no top except for an unzipped fur-hooded ski jacket.
The cover proclaims "Kate Upton goes Polar Bare."
The 19-year-old model from Florida has previously modeled for Victoria's Secret and posed for sexy Guess ads, and shot to international fame following last year's cover reveal.
With this year's cover, Upton becomes the first Sports Illustrated Swimsuit model to be featured on back-to-back covers since Tyra Banks in 1996 and 1997.
According to the magazine, Upton is expected to appear on The Late Show with David Letterman on Monday night – along with nine other swimsuit models – to promote the issue.
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