Google’s supersite - YouTube and the world’s largest music label - Universal Music Group are in advance stage talks, in fact close to inking a deal that is expected to create a complete site for music videos – say the sources cited by CNET News.com and the Wall Street Journal.   

The sources reported to CNET News.com and the Wall Street Journal that the music video site, which the YouTube – UMG deal will bring out, will be called “Vevo”.

According to sources, Vevo, also known as MTV 2.0, will be the largest music video site online. It will not only showcase music videos, but also other content associated with musicians and bands. The site is aimed to push up the music video ad revenues by hosting them in better way, in a more brand-friendly environment than YouTube. It is expected to attract much higher advertising rates than YouTube. YouTube will offer tech and ad sales support to help getting UMG's content circulated on other sites as well.

However, YouTube declined to comment and disclose details on the ongoing talks with Universal Music Group, yet it stated, "We are always working with our partners to find creative ways to connect music, musicians and fans." Universal Music Group, which is owned by Vivendi, also could not be reached for comments.