Hipgnosis seem to have snapped up the deal...

Red Hot Chili Peppers have reportedly sold the rights to their catalogue.

The band join a growing number of artists cashing in, with catalogue sales becoming a major talking point for legacy artists.

Bob Dylan recently sold his catalogue for $300 million, while Neil Young followed suit, offloading 50% of his catalogue for $150 million.

Red Hot Chili Peppers are reportedly in line to become the next major sale, with Hipgnosis said to have paid $140 million for the group's catalogue.

The sale would include all 11 of the band's studio albums, a run that stretches from their 1982 formation to the present day.

Neither party has commented on the news.

Hipgnosis are major players in the catalogue buy-in, snapping up the likes of Shakira, former Fleetwood Mac guitarist Lindsey Buckingham, and producer Jimmy Iovine in the past 12 months alone.

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