The former US President Barack Obama and his wife Michelle Obama have signed a contract with Penguin Random House for publishing their memoirs, reports the Associated Press.

" Now, we are very much looking forward to working together with President and Mrs Obama to make each of their books global publishing events of unprecedented scope and significance," Penguin Random House CEO Markus Dohle said.

Barack and Michelle Obama can get a decent amount from the books they wrote.  The publication didn’t disclose the amount fixed in the contract, but as earlier the Financial Times reported, deal is believed to be worth over $60 million.