(news.sawf.org) - The pair, who have bonded over their love of fashion and motherhood, are planning to combine their skills and passions by designing their own range for children.
A source told Britain's Daily Express newspaper: "They are both really excited about this new project. Katie recently sketched out some designs fora party dress for Suri's first birthday and Victoria saw there was the potential there for the two of them to come up with some great designs.
"As they are both mothers who love fashion, it couldn't have been more ideal for them."
Victoria, 32 - who is mother to sons Brooklyn, eight, Romeo, six, and Cruz, two - already has her own jeans and designer sunglasses range.
Katie, 27, and husband Tom Cruise's daughter, Suri, will turn one next month.
Since Victoria and David announced their upcoming move to Los Angeles, Victoria and former 'Dawson's Creek' star Katie have become very close, attending fashion events together.