Michael Jackson‘s 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 Michael’s historic catalog outright. BUT, we’ve learned the estate would entertain a 50/50 split, but only if the estate maintains complete management and control.

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

Here’s what we’re hearing … there appears to be talks underway between the estate and Sony. When you think about it, Sony makes a lot of sense … it’s Mike’s long-term label.

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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, didn’t even come close to what’s potentially at play for Michael’s stuff … and they also relinquished virtually all say over how the work can be used by their new corporate owners.

Springsteen’s catalog went for $500 million, and Justin Bieber’s 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.

There’s a lot of MJ news coming out right now — in addition to this industry-setting power play in the works … there’s a biopic in the works, for which the estate is deeply involved.