Italian fashion icon Donatella Versaces colorful couture is ready for the runway -- not the ones in Paris and Milan but one launching rockets into space.

The eclectic fashion designer, whose collection is more likely to be worn by the well-heeled French, Germans, Spaniards or Hollywood starlets, has added a new target market: Russian cosmonauts.

For the past six months, the platinum-coiffed Versace has been discussing the deal with SFCC, said Eric Dochtermann, head of the U.S. consulting firm Global Impact Communications, which is helping the agency cut a deal.

"We are still in negotiations," Dochtermann said. "There are still discussions surrounding the money issue."

Dochtermann said that a deal will likely be inked by the end of the week. "If the deal falls through, we still have Armani and Fila as fallbacks," he said.

Under the terms of the deal, Versace would redesign a flame-retardant blue-denim overall to replace the current extravehicular activity (spacewalk) suit. She would also rework the astronauts exercise uniform and dress fatigues.

"Because of safety standards, you cant have weird fringes hanging off the suits," Dochtermann said. "Mostly she has been working on the coloration, composition and logo placement."

"If the deal falls through, we still have Armani and Fila as fallbacks."

As part of the deal, both sides also are discussing the broadcasting a show of Versace clothing under zero-gravity conditions from the Mir space station, as well as at a runway show in Milan.