The bidding for the global rights of the books reached more than $60 million. The Obamas plan to donate a "significant portion" of their author proceeds to charity, including to the Obama Foundation.
Barack and Michelle Obama have signed a deal to publish their memoirs with New York-based Penguin Random House, the publisher announced on Tuesday.
Penguin Random House said in a statement it has "acquired world publication rights for two books, to be written by president and Mrs Obama respectively."
The terms of the deal were not disclosed, but bidding for the high-profile double book deal topped $60 million, a record sum for US presidential memoirs, according to the Financial Times.
Until now, the record for a US presidential memoir was $15 million paid for Bill Clinton's "My Life," released in 2004. George W. Bush received $10 million for "Decision Points" in 2010.
As part of the agreement, the company will donate one million books in the Obama family's name to First Book, a charity, Penguin said.
"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," said Penguin Random House CEO Markus Dohle.
America's first African American president is already the author of two memoirs and a children's book.
The Obamas took a long vacation after Donald Trump was sworn in as president on January 20, and the former president has stuck by a pledge to keep a low public profile unless events threatening what he called America's "core values" warranted that he speak out.
US presidents tend to leave town after leaving the White House. But the Obamas are settling into a rented mansion in Washington's Kalorama neighbourhood.