Spotify may be raising a $400 million round that would value it at $8.4 billion

Music streaming service Spotify is very near a deal to close $400 million of new funding from sources including Goldman Sachs and Abu Dhabi's sovereign wealth fund, the Wall Street Journal reports. This would value Spotify at $8.4 billion.

This news comes just months after it was reported that Spotify was looking for as much as $500 million in new venture funding.

The company is also said to be talking to the usual suspects of Silicon Valley venture capitalists and asset managers around the globe, according to The Wall Street Journal.

This funding would be a strategic move for Spotify, beset as it will soon be by competitors like Apple's rumored Beats music service and the just-relaunched Tidal, bought by rapper and business mogul Jay Z recently.