'Baywatch' Star Erika Eleniak on Track to Hit $1 Million in 1st Year on OnlyFans

Erika Eleniak is making some serious waves on OnlyFans ... 'cause the former "Baywatch" star has raked in nearly $300K in just three months, putting her on pace to generate $1 million in her first year ... TMZ has learned.

Sources close to the actress tell us ... business is booming, and her earnings show she's already making far more than the $10K a week she was pulling in shortly after launching her profile in August.

As TMZ previously reported ... we broke the story this summer that Erika was diving into OnlyFans at 56 years old ... promising fans a more personal and playful side of herself, complete with photos, videos, beach content and plenty of barefoot shots.

And it didn't take long for the money to start rolling in ... we reported later that month she was already pulling down around $10K a week, with more than 1,100 subscribers.

Erika famously played lifeguard Shauni McClain on "Baywatch" from 1989 to 1992 ... but she's made it clear her OnlyFans followers are getting a different side of the actress than the one they remember from the iconic red swimsuit.

She's not the only Hollywood veteran cashing in on the platform, either ... as we've reported, 85-year-old "Knots Landing" star Donna Mills and actress Jaime Pressly have also joined the site.