According to Billboard:

"While there are as many as three major labels battling it out to sign Drake, the Toronto-born MC signed to Lil Wayne's Young Money label is close to signing a deal with Universal Motown, a source close to the negotiations confirms."

"Sources say three majors are in possibly "one of the biggest bidding wars ever" in hopes of signing Drake, including Universal Motown and Atlantic Records."

Supposedly a label other than Universal has offered $2 million dollars straight up!

It's nice to have buzz, talent and Lil Wayne backing you!

MySpace: Drake