Drake in one of the BIGGEST bidding wars! 2Mil is up!

*Billboard is reporting that three major labels are salivating over Toronto-born rapper Drake at the moment in possibly "one of the biggest bidding wars ever," according to the magazine's sources.

Drake is currently signed to Lil Wayne's Young Money label, is said to be closing in on a deal with Universal Motown, a source close to the negotiations confirms. But Atlantic Records is also in the hunt, and the presence of Warner Music Group's CEO Lyor Cohen and COO Julie Greenwald at Drake's recent New York show further intensified speculation that WMG is also making a serious play.

Although another source says Universal is the in the lead, especially in light of the established relationship between Cash Money/Young Money and the label, another unnamed record compnay has allegedly offered the rapper $2 million dollars up front.

"Just know that whatever label we sign to it'll be because they'll add to what we've created on our own," Drake, who offers no clues about which label he'll choose to sign with, told Billboard.com last month. "I am very happy in my situation now, which is signed to Cortez [Bryant] and Gee Roberson at Young Money and management through 'Hip Hop Since 1978.' The most important thing for me is being around my team - they are stronger than any label."