The "Hips Don't Lie" singer is following in the footsteps of Madonna and Jay-Z by handing over management of recording, merchandising, ticket sales and other services usually handled by separate companies.
The deal is expected to be finalized by the end of the year.
However, the 31-year-old chart-topper's recording rights currently belong to Sony BMG's Epic Records and she still has two more studio albums to deliver – one in English and one in Spanish – as well as a greatest hits collection.
Talks have been ongoing for 10 months, sparking speculation the deal could actually be worth much more.
Jay-Z is believed to have received a staggering $150 million, while Madonna reportedly earned $120 million.
There is no indication of how long the contract will last, but both Madonna and Jay-Z have signed to Live Nation for 10 years.
Shakira is the highest-selling Columbian artist of all time, selling more than 50 million albums worldwide and raking in around $100 million from her global tour last year.
