Madonna is pondering hanging up on Warner Music Group in favor of life without a traditional record contract.

Madonna is considering an all-inclusive music deal with touring giant Live Nation that could be worth more than $100 million.

The agreement would create an entity that would manage all Madonna-related businesses, including albums, touring, merchandise and sponsorships over a multi-year period. Live Nation would acquire an equity stake in the pop diva’s overall business.

The joint venture company would then look to enter into an agreement with a label to handle distribution and marketing support of any Madonna album releases.

Sources say her camp has also been shopping to other labels the joint venture concept, which follows in the vein of deals inked by EMI with Korn and Robbie Williams.

(NYPOST)