The global recognition of Queen's songs and their remarkable body of work may soon lead to an astonishing sale of their catalog.

According to a source knowledgeable about the music acquisition, discussions between Universal Music Group and Disney Music Group for the acquisition of Queen's catalog are "well underway."

The source further disclosed that the potential sale could surpass an astounding $1 billion, and the deal is anticipated to be finalized within the next month.

CNN has contacted Universal Music Group, Disney Music Group, and a representative for the band for comments on the matter.

In December 2021, Bruce Springsteen made headlines when he sold his song catalog for an estimated $500 million, a figure that currently stands as one of the highest amounts for a music catalog sale.

However, if the Queen sale materializes, a new record is likely to be established.

The remarkable billion-dollar valuation of Queen's music catalog can be attributed, at least in part, to the tremendous success of the 2018 Oscar-winning film "Bohemian Rhapsody."

The movie vividly portrayed the band's origins, with a special emphasis on the iconic Freddie Mercury, leading to a resurgence in the popularity of Queen's music.

In addition to Queen, other notable artists such as Justin Bieber, the estate of David Bowie, and Sting have recently concluded sales of their respective music catalogs as well, indicating a trend of significant transactions in the industry.