The reaction e^+e^- -> e^+e^- proton antiproton is studied with the L3 detector at LEP. The analysis is based on data collected at e^+e^- center-of-mass energies from 183 GeV to 209 GeV, corresponding to an integrated luminosity of 667 pb^-1. The gamma gamma -> proton antiproton differential cross section is measured in the range of the two-photon center-of-mass energy from 2.1 GeV to 4.5 GeV. The results are compared to the predictions of the three-quark and quark-diquark models.
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