Shakira 'sparks bidding war'

Shakira has been approached by several record companies as her current contract is close to ending.

The Columbian singer is at the centre of a bidding war, with labels including Island Def Jam and Warner showing interest. Shakira has a ten-year touring deal with Live Nation ' worth an estimated $100 million ' and has released three albums with Epic.

However, her contract will soon expire and she is due to begin discussions with record executives in a few months.

'While there has been a lot interest from major labels, it is too early to start the formal discussions. Shakira and her team will sit down in the new year to discuss her options,' a source told New York Post. 'Her deal with Live Nation continues, so her next move will be worked out in partnership with Live Nation.'

It is not yet known if the 34-year-old star will sign a new deal with Epic. The label is owned by Sony and its CEO is L.A. Reid ' one of the judges on new TV show The X Factor.

Shakira is currently on her The Sun Comes Out tour. She has been busy performing all over the world and is yet to meet up with L.A.

'[Shakira] has not yet had the chance to meet with LA Reid since he took over in June,' the source added.

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