Google is reportedly breaking out its massive checkbook in an effort to gain blanket rights to major labels’ music catalogs. Following unconfirmed reports that Google’s music offering was floundering and losing users each week, music industry insider Wayne Rosso says that the Internet giant is now holding negotiations with at least one major label in an effort to gain access to its entire catalog. According to Rosso, Google is willing to spend more than $1 billion for such access.

“Google has offered at least one label over a billion dollars for all the rights in every country for every piece of music and for every platform,” Rosso’s source claimed. $1 billion represents more than 6% of the entire music industry’s global revenue in 2011 according to the International Federation of the Phonographic Industry.

While such a substantial offer would seemingly be appealing to labels, Rosso’s source indicates that the company in question is hesitant for reasons that go beyond money.

“They’re just shrugging and stringing Google along, trying to keep milking cash out of them,” the source reportedly said. “They want the money but on the other hand they hate Google. It really sticks in their craw that Google continues to present links to pirated content at the top of their search results.”

Google did not immediately respond to a request for comment.