Pop star Shakira is reportedly in talks to sign a multi-million dollar deal with concert promoter Live Nation.

The Colombian beauty could join an elite league of music heavyweights including Madonna, Jay-Z and U2 if the deal goes ahead.

According to the New York Post, the singer - whose deal has been valued at over $70 million - has agreed to terms including recording, touring, merchandising and other rights.

It is believed a deal could be announced within weeks after 10 months of talks.

Shakira is obligated to release another English-language studio album under the terms of her current contract with SonyBMG's Epic Records. This will be
released next spring. The label also plans to release a greatest hits album.

A spokesman for Live Nation and Shakira declined to comment on the deal.

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(This news article provided by World Entertainment News Network)