Colombian super star Shakira is reportedly in talks concerning a multi-million dollar agreement with concert promoter Live Nation.

If the parties agree and sign the contract, Shakira, who has been a major figure in the pop music scene of Latin America since the mid-1990s, would join an elite league of super stars such as Madonna, Jay-Z and U2.

The negotiations between Shakira and Live Nation started 10 months ago and since then the two times Grammy Awards winner has agreed to terms including recording, touring, merchandising and other rights. The so-called 360-degree deal is estimated to be worth about $70 million and could be announced within weeks, The New York Post reported.

A source close to the Colombian singer said the deal could be worth even more because Shakira has had a huge success in her recent tours.

Live Nation and Shakira already collaborated as the concert promoter handled the singer’s U.S. leg of her "Oral Fixation" tour last year. The tour cashed in $100 million.

According to the terms of her contract with SonyBMG's Epic Records, Shakira has to release another English-language studio album as well as a greatest hits album. This will mot likely happen next spring.

In terms of single sales, Shakira is the 4th most successful artist so far for the last decade according to the United World Chart. The singer won numerous awards: two Grammy Awards, eight Latin Grammy Awards, fifteen Billboard Music Awards and three MTV Video Music Awards; just enough to earn her a star on the Hollywood Walk Of Fame, making her the first Colombian to receive this honor.