Klum, famous for her over-the-top costumes, will be at the bar of trendy Meatpacking District hotel Dream Downtown on Monday, after throwing a bash at Tao in Vegas.

Meanwhile, Kerr, dressed as a sexy ringmaster at new Meatpacking hot spot Catch Roof on Monday, will be doing her utmost to outshine Klum, who handed Kerr her wings as Victoria's Secret's top model when she retired from the catwalk show last year.

"This Halloween will be the ultimate 'who wore it best' -- a true costume throwdown," Dani Stahl, stylist and model expert on new E! show Scouted, said.

Referencing Ben Stiller's 2001 comedy, she added, "Not since rival supermodels Zoolander and Hansel squared off in Zoolander has there been such an epic supermodel battle. Models are always in competitive mode to get the job and be No. 1."

Australian beauty Kerr will host a circus-themed bash for 200, dressed as a 1940s ringmaster, "whip and all," sources said.

Klum, who has hosted Halloween parties for 10 years, is going for a scary look and has been spotted at the office of her dentist, Gregg Lituchy, getting custom-made fangs.

"Heidi has had fangs molded that will be attached to her teeth on Monday," a source said. "She takes this very seriously."

Klum, also hosting an online virtual costume party for UNICEF, told us, "I'm a triple threat this year!"

Meanwhile, another woman well-known for her body of work, Kim Kardashian, is hosting the Midori Green Saturday night Halloween soiree at Lavo. And she will be stepping out in a Poison Ivy costume, a source said.

Model Halloween parties have been a tradition since Naomi Campbell's wild and glam bashes of the late '90s with fellow supermodels Kate Moss and Linda Evangelista.

Read more about Miranda Kerr and Heidi Klum's Halloween showdown at the New York Post