Swift’s most recent album, Reputation, which came out last November, was her last under her current contract with Big Machine and she will become a free agent this November.

Big Machine has been negotiating hard to re-sign Swift for months, multiple sources say, but as of her big Nashville homecoming show on Saturday night at Nissan Stadium, no deal had been reached. While talks with BMLG have not ceased, she is now also talking with other labels to evaluate how much she is worth on the open market as one of the world’s biggest superstars. “Everyone is starting to sniff around,” says a source.

While BMLG can likely match any deal that any other label would offer her financially, at the heart of Swift’s discussions with BMLG are her gaining ownership of her masters from the label, which is the one thing that no other entity can offer her. But that is not an easy decision for Big Machine.

“What’s the value of these masters going to be over the next 30 years? And you have to weigh that against, what is the value of keeping the artist for four or so more albums?” says one source. “You’re weighing out the value of the back catalog versus the value of a few new albums.”

Swift’s most recent album, Reputation, which came out last November, was her last under her current contract