Would Sell 50% Interest in MJ Catalog for Nearly a Billion

Michael Jacksons music may very well have a new co-owner if a mega deal is negotiated with Sony worth nearly a billion dollars, but there are strings attached ... TMZ has learned.

Sources with direct knowledge tell TMZ ... the MJ estate will NEVER sell Michaels historic catalog outright. BUT, weve learned the estate would entertain a 50/50 split, but only if the estate maintains complete management and control.

Our sources say the estate would consider selling a 50% interest for around $900 million, and that would cover recordings, publishing rights, etc.

Heres what were hearing ... there appears to be talks underway between the estate and Sony. When you think about it, Sony makes a lot of sense ... its Mikes long-term label.

This is a distinction from other huge catalog sales that have gone down -- including from guys like Bruce Springsteen, Bob Dylan, Justin Bieber and more. Those deals, didnt even come close to whats potentially at play for Michaels stuff ... and they also relinquished virtually all say over how the work can be used by their new corporate owners.

Springsteens catalog went for $500 million, and Justin Biebers went for $200 mil ... again, that for total ownership.

If these MJ talks manifest, it would easily be the biggest blockbuster sale ever -- which speaks to just how popular and in demand Michael continues to be to this day.

Theres a lot of MJ news coming out right now -- in addition to this industry-setting power play in the works ... theres a biopic in the works, for which the estate is deeply involved.