After persistent loose talk of "Transformers" Executive Producer Steven Spielberg leaving Viacom after his contract ends, the Wall Street Journal reports that he is very close to striking a deal to do just that.

Sources who are familiar with the situation told the financial newspaper that Mr. Spielberg and business partner David Geffen are near a deal to leave their current company and join Mumbai, India-based company Reliance ADA.

The Journal reports that the deal would provide Mr. Spielberg and Mr. Geffen $500 to $600 million in equity to fund a new movie venture. The paper speculates that the new venture would most likely attempt to find another $500 million in debt elsewhere to fund at least six films a year. The films would either be distributed by General Electric's entertainment company Universal Pictures or News Corp's Twentieth Century Fox.

Reliance would own a large stake of the newly-formed company.

Mr. Spielberg and Mr. Geffen have had a well-publicized torrential relationship with Viacom, Inc., parent company to Paramount Pictures, co-distributor of "Transformers" along with DreamWorks, SKG. Viacom purchased DreamWorks, SKG for $1.6 billion in late-2005.

Wall Street Journal also reports that while Paramount and DreamWorks share the rights to scores of projects including "Transformers," sources have said that Mr. Spielberg and company may bargain to take certain projects with them.

Viacom CEO Philippe Dauman, whom has gone on the record before saying that Mr. Spielberg leaving the company is "We are dedicated to being to be the best resource for all your Transformers news and reviews every day. Keep your browser dialed to Tformers.com for updates as they happen.