Barack and Michelle Obama are getting a record-setting book deal worth at least $60 million

The bidding for the rights to books written by Barack and Michelle Obama has skyrocketed to more than $60 million, according to a report from the Financial Times.

Penguin Random House, which has published three other books by Barack Obama, is leading the bidding war so far, according to the report published on Tuesday. HarperCollins, Simon & Schuster, and Macmillan are also competing.

The lofty price tag will shatter the record for presidential memoirs, the Financial Times reported.

The rights to books written by Bill Clinton and George W. Bush sold for $15 million and $10 million, respectively.

The Obamas are writing their books separately, but selling the rights jointly, according to the report.

Read the Financial Times report here »