Dolly Parton has revealed the truth behind claims she has had her two biggest assets insured.

The country music queen, 76, was a guest on Today With Hoda and Jenna when the subject of Heidi Klum revealing she had her legs insured for $2 million came up.

The Jolene hit-maker was then asked about a long-standing rumour that she had insured her breasts.

“Well, it’s not true about that,” Parton told Hoda Kotb and Jenna Bush Hager.

“Years ago, was it Betty Grable or one of the great famous stars that was famous also for her legs, and at that time I said, ‘Well, maybe I should get my boobs insured, since I’m famous for them.’ But it was just a joke. I didn’t do that.”

“By the way,” Parton said in response to Klum’s insurance news, “you can get new boobs but you can’t get new legs.”

Parton recently announced that she has teamed up with baking giant Duncan Hines to release her own line of Southern-inspired cake mixes and icing.

The company debuted Dolly Parton’s Baking Collection on Wednesday, featuring banana and coconut cake mixes, plain and chocolate buttercream frostings, recipe cards and a collectible tea towel with a spatula.

Duncan Hines sold out of the limited-edition offering on its website within hours of it going on sale, but stock will be coming to stores in the US from March.