Justin Bieber may sell his music rights to Blackstone-owned Hipgnosis for $200 million.
The deal covers both published and recorded music.
Hipgnosis acquires song catalogs and generates revenue through streaming and media use.
Justin Timberlake also sold rights to Hipgnosis in May.
Blackstone and Hipgnosis announced a $1 billion partnership for music rights in October.
Bieber gained fame with "Baby" at 13 years old.
In June, Bieber disclosed a diagnosis of Ramsay Hunt Syndrome.
Hipgnosis and Bieber did not respond to requests for comment.
The Wall Street Journal reported on the potential deal, citing sources.
The deal includes Bieber's publishing and recorded music catalog.