The source told the Mirror Markle will soon be presented the deal. Spotify declined to comment.
"The Duke and Duchess have been on their [Spotify's] hit list for a while," the insider claimed.
Kim Kardashian also inked an exclusive deal with Spotify this year, and while it is unclear how much the deal was worth, podcaster Joe Rogan's Spotify deal was worth more than US$148m according to media reports.
The podcast isn't the only reports of an entertainment project on the horizon for the royal couple. Earlier this month sources told Variety that the Duke and Duchess have been "quietly shopping an idea for a project" in Hollywood.
Details surrounding the project remain unknown, but the couple have apparently already taken meetings in June and are understood to be joint producers of the new concept.
Variety noted that the couple first pitched the concept to Bonnie Hammer at NBCUniversal. Hammer is the chairman of NBCUniversal Content Studios and knew Markle from her years as an actress on Suits.
Markle recently practised her interview skills while in conversation with feminist activist Gloria Steinem. She revealed in the socially distanced backyard interview that she was "glad to be home" in the United States.