According to a Bloomberg report, Google is very close to an agreement with Universal Music Group that would allow Google to sell their artists’ music in their new download store. When the Google Music Store was hinted at back in October, the sources said that 4th-largest record label EMI had already signed on. That secured artists like Coldplay, Pink Floyd, Katy Perry and (most of) Radiohead for the Google Music Store.

Making a deal with Universal would be a much bigger content grab than EMI – since they are the largest record label in the American music industry. Coming along with Universal would be artists like Lady Gaga, Lil Wayne, Eminem, Rihanna, and Taylor Swift.

The report says that the Google/Universal deal could be finalized as early as Wednesday, November 16th. That date coincides with a Google event in Los Angeles where it’s highly speculated that Google will unveil the new Music Store. Invitations to the event were sent out last Friday on 11/11/11 by “Nigel Tufnel.” The invitations simply said “These Go To Eleven.”

The Google Music Store will work hand in hand with Google Music Beta, allowing for purchased songs to be stored in the cloud and accessed from any enabled device. There have been rumors that the Music Store will be integrated into Google+, allowing users to share songs with friends and preview tracks before purchasing – rumors that this Bloomberg report corroborates.

Google Music Beta launched as a simple cloud storage service without any sort of music downloading functionality due to the inability of Google and the record labels to work out deals. Since Beta’s launch, the launch of a Music Store seemed inevitable, but the specific “when” and “with what music” questions are finally being answered.

Apparently, Google is still unable to work things out with Sony and Warner Music Group, the second and third largest labels.

Last week, deals were reached to break EMI Group in two, and those separate parts be sold to Universal and Sony. According to the WSJ, EMI’s record-music unit will go to Universal and its Music Publishing will so to Sony.

Hopefully we get more details at the Google event tomorrow. If you’re impatient, however, you can check out these supposed leaked images of the Music Store via the Android Market.

"Music fans demand fast access to high quality audio and video files and they want their music free, but they’d still like the music owners to be paid for their work and creativity," said Joe Mohen, chairman and founder of SpiralFrog.

"Our answer to this seemingly impossible equation is to allow our audience to download songs and video at no cost-other than their time and attention-and to compensate music owners by sharing the ad revenue."

Users of the site will not be able to burn their downloads to a CD, but they can be played on digital music players. A notable downside is the content is not compatible with Apple computers or the iPod. The service will work with Windows PCs running XP and Vista.

Currently SpiralFrog has a library of 800,000 songs and 3,500 music videos. Music fans will be able to search by artist and genre and will have access to artist’s bios, reviews, discography, and album art. The service is similar to Yahoo Music Unlimited and Rhapsody minus a subscription fee. User will have to visit the site at least once per month or the songs that have been downloaded will not play.

The company has licensing deals with Universal Music Group and Broadcast Music Inc.