Janet Jackson has signed what is believed to be the best paying contract in the history of recording.

But her older brother, Michael, could beat that record any day now, The New York Times reported this week.The Times said the singer, songwriter and actress signed an exclusive contract with Virgin Records that has been widely reported to yield as much as $50 million for three to five albums.

Jackson, 24, has two blockbuster albums to her credit. "Control," released in 1986, and "Janet Jackson's Rhythm Nation," released in 1989, have each sold more than 8 million copies worldwide.

But the record for the most lucrative contract is expected to be broken again when Michael Jackson re-signs with Sony Records, formerly the CBS label, a deal that is reported to be imminent.