The glitzy TV ad breaks on 5 November. It is shot on a hand-held camera and features Take That chasing the girls around Twiggy's house to a Macy Gray soundtrack.
The high street giant is currently reviewing its media spend and is expected to slash its TV ad budget next year. An M&S spokesperson declined to comment on the retailer's future plans but said that Twiggy and its other fashion faces were still under contract.
In 2005 M&S launched the first 'Your M&S' campaign featuring Twiggy, Erin O'Connor, Laura Bailey and Noemie Lenoir, which was widely credited with turning the ailing department store around. Take That first fronted M&S's menswear in Autumn 2007.