Most of the speculation centers on if Loren posed nude or partially nude for the annual, which is well known for such portraits of beautiful women.
If indeed she has posed for the calendar, the 71-year-old Oscar winner and Italian icon would be the oldest woman to appear in the Pirelli calendar.
Reports say that four other actresses Naomi Watts, Penelope Cruz, Lou Doillon and Hilary Swank will appear in the 33rd edition, which will be released this November.