11/02/2015 02:23 EST | Updated 11/02/2015 02:59 EST

Lily Aldridge Is Set To Wear The Fantasy Bra At This Year's Victoria's Secret Fashion Show

The model is about to rock the $2 million Fantasy Bra.

Lily Aldridge has been appointed top honour at this year's Victoria's Secret Fashion Show -- bearer of the legendary Fantasy Bra.

On Monday, the stunning American model unveiled this year's Fireworks Fantasy Bra, worth $2 million, over on with an adorably cute video of her dancing (that you can check out above!). Ready to take on her seventh show, Aldridge follows in the footsteps of Adriana Lima and Alessandra Ambrosio who together donned the world's most luxurious piece of lingerie last year.

The Fantasy Bra, which has been a tradition at VS for two decades, is a huge honour for any angel to wear. Aldridge, who has never worn the bra before, took to Instagram to share the big news with the hashtag, #DreamComeTrue.

According to a press release from the lingerie giant, this year's demi-shaped bra, crafted by the brand's official jeweler, Mouawad, is embellished with sparkle-like bursts of more than 14 different gems, including diamonds, blue topaz, pink quartz and yellow sapphires. It was inspired by the Victoria's Secret Very Sexy flirt bra, which will hit stores Nov. 11th.

According to Vogue, the Fantasy Bra's weight in diamonds is 275 carats, and took more than 685 hours to construct and includes a whopping 6,598 precious gems (OMG).

And we can't forget the panties! Vogue says the matching underwear includes 126 diamonds and 400 other gorgeous stones.

The show, which returns to New York City this year (after a short stunt in London previously), will air on Dec. 8th and will feature performances from Rihanna, The Weeknd and Selena Gomez.

Congratulations, Lily!

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Photo gallery 2014 Victoria's Secret Fashion Show See Gallery