NEW YORK (CNNMoney.com) - Recently retired Federal Reserve Chairman Alan Greenspan has signed a book deal with The Penguin Press to publish his memoirs.

Pearson Plc., the parent company of Penguin, told Reuters the book is slated for release in 2007, but would not reveal how much money the "Maestro" would receive in exchange for his life story or whether he would use a ghost writer.

Former Federal Reserve Chairman Alan Greenspan

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Citing publishing sources, the New York Post reported earlier the deal was worth an estimated $8.5 million to $9 million. If so, the former Fed chief would receive the second-highest advance ever for a work of nonfiction, trailing former President Bill Clinton, who received $12 million for his memoir "My Story," according to the newspaper.

Penguin, who beat out other bidders such as the Knopf imprint of Random House Inc. as well as Harper-Collins, will have world rights as part of the deal, allowing the publishing house to collect profits from book sales overseas, the Post reported.

An attorney representing Greenspan did not return calls from the newspaper.

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