News broke on Monday that the Prince, 36, will publish a memoir late next year via Penguin Random House.
According to Page Six, the Duke of Sussex will earn an advance of at least $20 million for his work. Additionally, his co-writer, ghostwriter J.R. Moehringer, will make at least $1 million.
FOX Business has reached out to reps for Harry and Penguin Random House for comment.
Penguin House Publishing has a history of scoring lucrative deals for high-profile writers, having offered Barack and Michelle Obama a $65 million book deal.
In a press release obtained by Fox News, it was stated that Harry would donate the proceeds to charity, though what charity was not immediately clear. As unknown is whether the royal will keep his advance or donate it as well.
"I’m writing this not as the prince I was born but as the man I have become. I’ve worn many hats over the years, both literally and figuratively, and my hope is that in telling my story—the highs and lows, the mistakes, the lessons learned—I can help show that no matter where we come from, we have more in common than we think," Harry said in the release. "I’m deeply grateful for the opportunity to share what I’ve learned over the course of my life so far and excited for people to read a firsthand account of my life that’s accurate and wholly truthful."
The memoir will cover the British royal family member's life in the public eye beginning from his childhood to the present day.
He will also delve into his military duty in Afghanistan, becoming husband and father, and tell-all about his various "experiences, adventures, losses, and life lessons that have helped shape him."
Markus Dohle, CEO of Penguin Random House, said, "All of us at Penguin Random House are thrilled to publish Prince Harry's literary memoir and have him join the world-renowned leaders, icons, and change-makers we have been privileged to publish over the years."
Prince Harry's book will be published in print and digital formats in the U.S. by the Random House and in Canada by Random House Canada. Transworld, an imprint of Penguin Random House UK, will publish the book in the United Kingdom, with additional publishing territories to be announced at a later date. An audiobook edition will be released simultaneously by Penguin Random House Audio.
The book comes shortly after Harry's wife Meghan Markle published a children's book called "The Bench." The duo also has deals to create content with Netflix and Spotify.
It was announced last week that Markle, 39, created the idea for an animated children's series called "Pearl" that will be produced at Netflix with the royals' production company, Archewell Productions.
FOX Business' Sasha Savitsky and Jessica Napoli contributed to this report