Barack and Michelle Obama whipped the literary world into a frenzy with the news that the former president and first lady were getting to work on new books, and now they have found a publisher.

Just a few hours after multiple people with knowledge of the joint publishing deal told the Financial Times that bidding had surpassed $60million, The New York Times reveals that the couple has inked a deal with Penguin Random House.

The terms of the deal have not been disclosed however at this time.

It was Penguin who appeared to have the slight edge, having published Barack's three previous titles.

News of the deal comes just before President Donald Trump is set to address his first joint session of Congress since taking office.

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Yes they can: Memoirs by Barack and Michelle Obama (above in October) are being sold together in a joint publishing deal

Knocked off their pedestal: Bill Clinton previously earned $15million for his 2004 memoir My Life (left) while Hillary Clinton got a reported $14million for the 2014 release Hard Choices (right)

'We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama,' the chief executive of Penguin Random House, Markus Dohle, said in a statement.

'With their words and their leadership, they changed the world, and every day, with the books we publish at Penguin Random House, we strive to do the same.'

Dohle then added: 'Now, we are very much looking forward to working together with President and Mrs. Obama to make each of their books global publishing events of unprecedented scope and significance.'

As part of the deal penguin will also donate 1million books in the Obamas name, a move that might have taken down the price paid in the deal.

There is no release date for either of the memoirs.

No book deal has ever come close to paying an author this much money, with the closest example being the the $150million James Patterson reportedly received from Hachette in 2009 as part of a 17-book deal.

That breaks down to a little less than $10million a book, as opposed to he $30million Barack and Michelle each stand to make in their deal.

The amount currently on the table for the Obamas eclipses the $15million Bill Clinton was paid for his post-White House memoir My Life which was released in 2004, and the $10million deal score by George W. Bush for the 2010 release Decision Points.

It also four times more than the reported $14million Hillary Clinton earned for her 2014 release Hard Choices about her time at the State Department.

She received $8million over a decade prior on 2001 for her first memoir, Living History. She was a New York senator at that time and had to have the deal approved by the Senate Ethics Committee.

President Donald Trump meanwhile received just a $500,000 advance for The Art of the Deal, which he split with the ghost writer of the book.

That book has gone on however to earn him millions in royalties, having made its way back on the bestsellers list back in 2004 when he launched The Apprentice and ever since announced his candidacy for president in 2015.

The art of the not as good book deal: President Donald Trump got a $500,000 advance for his 1987 book The Art of the Deal (left), while George W. Bush got an impressive $10million for Decision Points (right)

Barack previously shared stories from his life in The Audacity of Hope in 2006, which was released a little over two years before he landed in the Oval Office.

Barack has also published the children's book Of Thee I Sing: A Letter to My Daughters and the 2004 memoir Dreams from My Father.

Those books have all performed very nicely for their publisher and Barack, who made $15.6million off all three between 2005 and 2016, according to Forbes.

Proven: Barack has made millions in royalties off his 2006 memoir The Audacity of Hope

All post-tax proceeds from the sales for Of Thee I Sing has been donated to Fisher House Foundation since the book's release, an organization that supports families of veterans, in support of a scholarship fund for the children of soldiers who have been wounded or killed in the line of duty.

The two new books from the Obamas will be written separately, with Barack working on his fourth release and Michelle her first.

And it seems that it may be the former first lady and not her husband who has driven up the auction price in what will be without question the most ever paid for a literary debut.

Michelle could provide some record-breaking sales for the publisher that secures the rights as well when her book is released, with many around the world no doubt eager to learn more about the early life and White House days of the former first lady.

Publisher's Weekly reported earlier this month that the deal on Michelle's book was close to done, and that once it had been completed the agreement for Barack's book would be finalized by the couple's agent Bob Barnett.

Barnett, who is considered one of the top lawyers in Washington DC, has previously represented the likes of Tony Blair in his $5.5million deal for his 2010 memoir A Journey, both Clintons and even Sarah Palin, getting her $1.25million in 2009 for Going Rogue.