(PHOTO) Instagram: @partyatlBeyonce seen posing in this photo has fueled rumors that she is covering Vogue's March issue

Beyonce fans were excited Wednesday following speculation that the Grammy-award winning singer may be featured on the cover of Vogue magazine's March issue.

A photo of Beyonce, 31, surfaced on social networking site Twitter early Wednesday and the singer, who is dressed in 17th-century attire, is pictured posing in a royal setting with intricate designs. The singer's tousled hair compliments her royal look and it has since been claimed that Vogue photographer Annie Leibovitz may have taken the artistic shot, according to the New York Daily News' Confidential.

Leibovitz reportedly wrapped up the Vogue shoot with Beyonce in December, making it the second time that fans will get to see the singer cover the glossy magazine. She first covered the fashion magazine in 2009 alongside the headline "Real women have curves — Beyonce at her best."

The singer has been busy in recent weeks preparing for her Super Bowl halftime performance, which is scheduled for Sunday. Critics are speculating whether Beyonce will sing live following the recent backlash she received for lip-synching at President Barack Obama's Inauguration.

She is said to be stunned by the response and reportedly feeling pressured to perfect her Super Bowl performance.

"She didn't think there was anything wrong with it. Pavarotti has done it! It was freezing out, and if she messed up just one note, that would have been the story," a source told Us magazine.

"Everybody uses these tracks, and the music director advised it. Any big outdoor live performance is almost always with some kind of track," the source continued. "She did sing, but used a track."

Soon after the Super Bowl on Feb.16, Beyonce is expected to release her independently produced documentary"Life Is But a Dream." She has also reportedly been working on her fifth studio album, which is set to drop later this year.