The late singer's unheard music is reportedly being sent out to several record companies who are interested in releasing the tracks he was working on before his death in June.
Michael's long-time attorney John Branca and music executive John McClain - who are overseeing Jackson's estate - are said to be speaking with Sony Music, Universal Music Group and one other unnamed interested party about the catalogue.
A source said: "Universal and Sony have the two best worldwide distribution systems, so Branca is looking for who can provide the highest bid."
According to the New York Post newspaper, the estate is believed to be keen to extend the deal Michael had in place with Sony Music to cover the 70 songs he wrote, produced and recorded after 2004.
However, the estate wants more money than Sony is prepared to offer.
At present, the label will have control of all recordings made before 2004 for the next few years until it becomes property of Michael's estate.
A source said: "We're trying to figure out the terms."
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