The Indian actress - who shot to fame after starring in the Oscar-winning Danny Boyle film Slumdog Millionaire - will join the likes of Liz Hurley and Gwyneth Paltrow by becoming the make-up company's "spokesmodel".
The deal will make Freida, 24, for the firm's first Indian face, according to British newspaper The Sun.
"Freida is hot property right now," a source said.
Freida's spokesperson said he could not comment on the report before Estee Lauder releases a statement, but did say: "We are getting two or three offers every day from national as well as international firms."
Pinto's next movie role will be in a new Woody Allen film alongside Scarlett Johansson, Anthony Hopkins and Antonio Banderas. It starts filming in London in July.
3