The songs of Queen are known the world over, and the band's body of work might soon sell for a staggering sum.

A source familiar with the music acquisition tells CNN that discussions are "well underway" for Universal Music Group to acquire Queen's catalog from Disney Music Group.

The source added that the sale could surpass $1 billion and that the deal is "expected to close within one month."

CNN has reached out to Universal Music Group and Disney Music Group for comment, as well as a representative for the band.

Bruce Springsteen previously made headlines in December 2021 with the sale of his song catalog, with the total in the vicinity of $500 million.

That sum remains arguably the highest amount a music catalog has sold for, but if the Queen sale goes through, a new record will be set.

The billion dollar total for Queen's music is surely that high thanks in part to the 2018 Oscar-winning film "Bohemian Rhapsody," which told the story of the band's inception with a focus on late frontman Freddie Mercury, thereby inspiring a resurgence in popularity of the band's music.

Justin Bieber, the estate of David Bowie and Sting have all recently completed sales of their respective music catalogs as well.