Universal has announced a deal with Prince's estate that will give it exclusive licensing rights to the late artist's work.

The world's biggest music label will be able to release much of Prince's private archive, and has also acquired the rights to 25 albums that he released through the label he founded, NPG Records.

The value of the deal has not been disclosed but reports last year suggested that the unreleased music was up for sale for $35 million (£29m).

In a statement Universal said it had reached a multi-year agreement with the Estate of Prince Rogers Nelson and NPG Records.

Sir Lucian Grange, chairman and CEO of UMG, said: "Prince was one of the greatest musical talents of all time - an incomparable genius as a performer, recording artist and songwriter. It's an absolute honour to once again be selected by Prince's estate to be the home for publishing, merchandise and now for so much of his incredible body of recordings.

"UMG is committed to honouring Prince's legacy and vision by creating the highest quality products and experiences."

Fans mourn Prince outside Paisley Park Show all 15 1 /15 Fans mourn Prince outside Paisley Park Fans mourn Prince outside Paisley Park CHANHASSEN, MN - MAY 2: Tributes and memorials dedicated to Prince on the fence that surrounds Paisley Park on May 2, 2016 in Chaska, Minnesota. Prince died on April 21, 2016 at his Paisley Park compound at the age of 57. As a will has not been found, court proceedings have started to decide how his assets should be divided. (Photo by Adam Bettcher/Getty Images) Getty Images Fans mourn Prince outside Paisley Park MINNEAPOLIS, MN - APRIL 22: Jacqueline Pruitt wipes away a tear after leaving flowers at a memorial to Prince outside the First Avenue nightclub on April 22, 2016 in Minneapolis, Minnesota. Prince, 57, was pronounced dead shortly after being found unresponsive yesterday at his Paisley Park Studio in Chanhassen, Minnesota near Minneapolis. (Photo by Scott Olson/Getty Images) Getty Images Fans mourn Prince outside Paisley Park CHANHASSEN, MN - MAY 2: Tributes and memorials dedicated to Prince on the fence that surrounds Paisley Park on May 2, 2016 in Chaska, Minnesota. Prince died on April 21, 2016 at his Paisley Park compound at the age of 57. As a will has not been found, court proceedings have started to decide how his assets should be divided. (Photo by Adam Bettcher/Getty Images) Getty Images Fans mourn Prince outside Paisley Park CHANHASSEN, MN - APRIL 24: People walk past the memorial outside Paisley Park on April 24, 2016 in Chanhassen, Minnesota. Prince died on April 21 at his Paisley Park compound at the age of 57. (Photo by Jules Ameel/Getty Images) Getty Images Fans mourn Prince outside Paisley Park CHANHASSEN, MN - APRIL 23: Mementos left by fans are attached to the fence which surrounds Paisley Park, the home and studio of Prince, on April 23, 2016 in Chanhassen, Minnesota. Prince, 57, was pronounced dead shortly after being found unresponsive April 21 in an elevator at Paisley Park. (Photo by Scott Olson/Getty Images) Getty Images Fans mourn Prince outside Paisley Park CHANHASSEN, MN - APRIL 23: Music fans visit a memorial created outside Paisley Park, the home and studio of Prince, on April 23, 2016 in Chanhassen, Minnesota. Prince, 57, was pronounced dead shortly after being found unresponsive in an elevator April 21 at Paisley Park. (Photo by Scott Olson/Getty Images) Getty Images Fans mourn Prince outside Paisley Park Getty Fans mourn Prince outside Paisley Park Getty Fans mourn Prince outside Paisley Park Getty Fans mourn Prince outside Paisley Park CHANHASSEN, MN - APRIL 22: Music fans visit a memorial outside Paisley Park, the home and studio of Prince, on April 22, 2016 in Chanhassen, Minnesota. Prince, 57, was pronounced dead shortly after being found unresponsive yesterday at Paisley Park. (Photo by Scott Olson/Getty Images) Getty Images Fans mourn Prince outside Paisley Park People pay their respects outside the Paisley Park compound of music legend Prince in Minneapolis, Minnesota, on April 22, 2016. Prince, whose pioneering brand of danceable funk and virtuoso talents made him one of the most influential figures in music, died April 21, 2016, aged 57. There was no evidence of trauma on Prince's body when he was found unresponsive at his Minnesota compound, and his death is not thought to be a suicide, authorities said. / AFP / Mark Ralston (Photo credit should read MARK RALSTON/AFP/Getty Images) AFP/Getty Images Fans mourn Prince outside Paisley Park A Prince fans attachs flowers to a memorial wall as he pays his respects outside the Paisley Park compound in Minneapolis, Minnesota, on April 22, 2016. Prince died April 21, 2016. / AFP / Mark Ralston (Photo credit should read MARK RALSTON/AFP/Getty Images) AFP/Getty Images Fans mourn Prince outside Paisley Park Getty Fans mourn Prince outside Paisley Park MINNEAPOLIS, MN - APRIL 22: A photo of Prince is attached to the wall outside of the First Avenue nightclub where fans have created a memorial to the artist on April 22, 2016 in Minneapolis, Minnesota. Prince, 57, was pronounced dead shortly after being found unresponsive yesterday at his Paisley Park Studio in Chanhassen, Minnesota near Minneapolis. (Photo by Scott Olson/Getty Images) Getty Images Fans mourn Prince outside Paisley Park TOPSHOT - Messages left by fans outside the Paisley Park residential compound of music legend Prince in Minneapolis, Minnesota, on April 21, 2016. Emergency personnel tried and failed to revive music legend Prince, who died April 21, 2016, at age 57, after finding him slumped unresponsive in an elevator at his Paisley Park studios in Minnesota, the local sheriff said. / AFP / Mark Ralston (Photo credit should read MARK RALSTON/AFP/Getty Images) AFP/Getty Images

Universal's executive vice president Michele Anthony added that it was an honour "professionally and personally to be entrusted with these cherished recordings, including his storied 'vault' of unreleased music, and to partner with his estate and heirs to preserve and expand Prince's legacy".

Universal's music publishing division became the administrator for Prince's songwriting catalogue in November. It also struck a merchandising deal with his estate in January 2017.

It was recently confirmed that Prince's music will return to streaming services on Sunday, NPR reports.

Napster confirmed the rumours that his Warner Bros. catalogue, which includes classics such as 'Purple Rain', '1999', 'Sign O' the Times' and 'Dirty Mind', will arrive on the same day as the Grammy awards.

The material covered under Universal's new deal is not set to be part of that release.

Apple Music, Amazon Music and iHeartRadio subscription services are among those that will host the music.