In this note we derive an explicit modular invariant formula for the two lo
op 4-point amplitude in superstring theory in terms of a multiple integral
(7 complex integration variables) over the complex plane which is shown to
be convergent. We consider in particular the case of the leading term for v
anishing momenta of the four graviton amplitude, which would correspond to
the two-loop correction of the R-4 term in the effective Action. The result
ing expression is not positive definite and could be zero, although we cann
ot see that it vanishes.