Snapped by Annie Leibovitz, the shot shows 27-year-old Phelps soaking in a pristine white tub wearing -- what else? -- a Speedo. His Louis Vuitton tote bag, which we doubt he carries in real life, sits on the ground next to him.
He looks appropriately serious (Louis Vuitton ad campaigns are typically solemn affairs), but we can't help but wonder why Ryan Lochte, this summer's breakout heartthrob and one of the most fashion-loving (if not exactly stylish) Olympians, didn't get the gig.
UPDATE: According to the Daily Mail, a Louis Vuitton rep has confirmed that the bathtub shot isn't an official Louis Vuitton image, i.e. not part of an ad campaign. So maybe Phelps really does own his own LV bag?