The report also says a deluxe edition of 'Purple Rain' is coming very soon

Prince’s massive vault of unreleased music is up for sale, according to a new report.

All three major labels are said to be in talks to buy the rights to Prince’s unreleased music for as much as $35 million (£28 million), Billboard reports.

The vault is understood to contain “thousands of hours of music recorded over four decades”, but the report says his estate has yet to begin cataloguing its contents properly, so it is unknown exactly what the vault contains. Some of the material could possibly be owned already by various record labels Prince was signed to during his career.

Billboard also reports that a source close to the singer’s estate has said a deluxe edition of his most iconic album, 1984’s ‘Purple Rain’, is likely to be released within months, possibly in early 2017. The deluxe edition of ‘Purple Rain’ was originally announced in 2014 but has yet to be given an official release date or track list.

Because Prince apparently left no will, his rightful heirs have yet to be decided. His sister Tyka and five half-siblings appear to have the strongest claim to his estate, but it is understood that several of his other relatives could have a legitimate claim too.

From October 2015 to October 2016, Prince and his estate earned around $25 million (£20 million) before tax, making the late music icon one of the world’s highest-earning dead celebrities.