The Keeping Up With The Kardashians star and the Gold Digger rapper - who are expecting their first child - were apparently offered the massive sum by a tabloid desperate to print the first pictures of their baby when he or she arrives.
But the couple said no to the offer from the publication, which is based outside the US, reported TMZ.com.
Kim, 32, and Kanye, 35, have apparently been inundated with offers from publications hoping to secure the first images of their newborn, who is thought to be due at the end of June.
It seems they currently have no plans to sell the images, although sources told the gossip site the couple might consider offers in the future.
Kim and Kanye announced their baby news at the start of the year.
Last week The Sun reported that Kim has "already been bombarded with tons of potential deals to endorse parental products".