July 01, 2008 02:00 PM

Live Nation, one of the biggest live concert promoters in the world, has just offered Shakira a $70 million contract, as details regarding the agreement are expected to come to light within the next few days.

The New York Post, reports that after 10 months of negotiations, the company is ready to ink a deal with the 32-year-old Colombian pop star, and will take on the responsibilities of managing her concerts and event recordings, acknowledging her as the most important Latina star of the moment.

“Live Nation is trying to establish itself in a big way in each genre no matter what the loss leader is going to be on it,” said one major label executive. The “Hips Don’t Lie” singer still owes SonyBMG’s Epic Records another English-language studio album, expected in the spring 2009, as well as a greatest-hits record.

Last year, Live Nation seized the pop and hip-hop genres by signing contracts with Madonna for $120 million and Jay-Z for $150 million.

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