The source added: "Adele's deal with her original label XL expired and we'd an existing relationship with her in America.
"The deal is being worked on by our Columbia label in the US, but is worth $90 million and gives Sony the rights to release her future music exclusively around the world."
The contract was negotiated by her manager Jonathan Dickins, the newspaper reported. A source told the paper: "Jonathan's been putting it together for a couple of years. He was very aware of her worth in the market and stood firm to push for the $90 million."
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A spokeswoman for Adele declined to comment. Michael Jackson's estate still holds the record for the biggest recording contract in history, signed nine months after the singer's death.
The $250 million deal with Sony gave the label rights to up to 10 new recordings, back catalogue and franchising.
- PAA