The 35-year-old Colombian beauty is one of a handful of superstars, including Madonna and Jay-Z, who have ditched their record labels in recent years to sign huge contracts with Live Nation, reported New York Post.
The 'Hips Don't Lie' hitmaker will continue to be one of the biggest earning stars in the music industry if she and concert promoter Live Nation sign the three-album deal with Sony.
The Latino previously left Sony to sign a 10-year deal with Live Nation.