It’s the battle of the undies: Supermodels Elle Macpherson and Heidi Klum are going cheek to cheek in the highly competitive lingerie market, Julie Earle-Levine says.

Macpherson, who just turned 50, announced earlier this week she was ending her 25-year relationship with Bendon, a New Zealand-founded, Australian-based company.

Elle Macpherson Intimates, which analysts have valued at between $200 million and $300 million, sells push-up bras, underwire T-shirt bras and thong briefs at prices ranging from $55 to $95.

There had been rumors of an IPO before the split with Bendon. The current license ends Dec. 31.

News that German-born Klum, 41, will replace Aussie Elle with Heidi Klum Intimates prompted British Vogue to ask readers: “which super model would you buy lingerie from? @heidiklum V @ellemacpherson.”

Klum, who is a household name in the US and is a host on “Project Runway,” has been named creative director of the new brand and will bring her own fashion spin to existing lines.

Macpherson said her three lines — Elle Macpherson Intimates, Macpherson Men and The Body — will move to the US, where she’s planning to launch an active wear, a swim wear and different size categories. She has not yet announced with whom she will be partnering.

Bendon is hoping Klum, who has partnerships with Babies R Us and New Balance, will “at least double” business for the label over the next five years. Heidi Klum Intimates will roll out globally starting in January.