Reuters/Danny Moloshok

Singer Taylor Swift arrives at the Vanity Fair Oscar Party in Beverly Hills, California February 28, 2016.

Taylor Swift's latest album, "Reputation," has sold a staggering 700,000 copies in the U.S. on its first day of release, setting it on track to become the year's best selling record in just one week.

According to numbers from Buzz Angle Music, the album that was released on Nov. 10 has sold 717,000 copies during the first day. The album is projected to hit over 1.5 million sold copies in its first week,

Should the album hit the expected first week sales numbers, it would eclipse Ed Sheeran's "Divide," which is currently 2017's most successful album with over 900,000 copies sold. Interestingly, Sheeran, who is close friends with Swift, also appears on "Reputation" as a guest artist on the song "End Game."

"Reputation" is Swift's sixth album, and would be her fourth record to sell over one million copies in one week, joining the ranks of her 2010 album "Speak Now," 2012's "Red," and 2014's "1989." The new album is also set to surpass the sales records of "1989," which is currently the singer's most successful album with 1.29 million copies sold.

The 27-year-old singer's latest album enjoyed huge hype in part due to the delay in its release. Swift previously released albums after every two years, but for "Reputation," she waited three years before releasing it. The controversies and legal battles that the singer was involved in also helped fuel the hype, as Swift is known to write very personal songs directly based on her experiences.

To celebrate the launch of "Reputation," Swift appeared on "Saturday Night Live" one day after the album's release, performing the upbeat "...Ready For It?" and the acoustic guitar-driven "Call It What You Want" for the show's musical numbers.

The singer is set to perform a number of live holiday shows in the "Jingle Ball' tour, along with other artists like Sheeran, Nick Jonas, and Fifth Harmony.