The singer left the company's Epic record label back in 2008 to sign an alleged $100m (£62m) deal with concert promoter Live Nation.
However, the star could be returning to Sony in a new partnership between the record label giant and Live Nation, which would be part of a three-album deal, reports the New York Post.
The partnership has been reached after Live Nation conceded that it will not focus on distributing albums in the future and will be returning to its roots of concert promotion.
Shakira's '360 deal' sees Live Nation take a cut of the revenue from merchandise, sponsorships and even recorded music, in addition to concerts.
The new deal - thought to be worth $60m (£37m) - will see both Sony and Live Nation take a 50% cut.
Madonna and Jay-Z are among the superstars who have signed '360 deals' with Live Nation in recent years.
Shakira's eighth studio album is expected to be released later this year. The star has teamed up with dance producer DJ Afrojack for the collection.
Watch the music video for Shakira's 'Addicted To You' below: