Canadian rockers Nickelback have become the latest act to sign a multi-million dollar deal with concert promoter Live Nation.

The Rockstar hitmakers have joined an elite league of musicians on the company's roster, including Madonna, Jay-Z, U2 and Shakira.

The three album agreement is reportedly worth between $50 million and $70 million, but it won't come into effect until the band complete two more records for their current music label Roadrunner Records.

As part of the contract, Live Nation executives will handle all of Nickelback's merchandising, licensing, sponsorship, secondary ticketing and endorsements - as well as DVD and broadcasting rights, fan club, website and literary rights.