Columbia co-Chairman Steve Barnett is reportedly slated to be named Chairman of EMI's U.S. labels, now owned by Universal Music Group. Sources tell both The New York Times and The Hollywood Reporter that Barnett is in advanced negotiations to take over EMI-U.S., though these talks are still in progress.

One source tells the Times that Barnett has already resigned from his position at Columbia. However, THR's sources say there is no timetable for his exit from Columbia, as it could be as soon as this week or much longer, since Barnett is under contract until March of 2013.

At EMI, Barnett would likely have the title of Chairman/CEO of the Capitol Records Group and oversee EMI's labels in the States, including Capitol, Virgin and Astralwerks, among others. It is unknown if he would also have oversight over EMI's Jazz label Blue Note or Country Capitol Nashville.

Barnett has been at Columbia parent company Sony since 1996.