Queen's music catalogue could soon sell for more than $1 billion (£809 million), according to reports.

A source familiar with the alleged music acquisition told CNN that discussions are "well underway" for Universal Music Group to acquire the legendary band's entire back catalogue from Disney Music Group.

The transaction is reportedly "expected to close within one month", however, a spokesperson for Disney Music Group told CNN the company has no plans to sell the catalogue, which includes hits such as Don't Stop Me Now, We Are the Champions, Bohemian Rhapsody, Killer Queen, and We Will Rock You.

If the reported deal goes ahead, the sale price would be the biggest in history, surpassing the current record of $500 million (£404 million) for the purchase of Bruce Springsteen's catalogue in 2021.

According to the outlet, the sale figure is so high because the band received a resurgence in popularity following the release of the 2018 biopic Bohemian Rhapsody, which told the story of the band's inception with a focus on late frontman Freddie Mercury.

Founding members Brian May and Roger Taylor continue to perform as Queen with Adam Lambert as their lead vocalist.