According to sources in the Israeli music industry, there has been a tight price competition between the different producers, and the highest offer made to Swift so far amounts to some $2.5 million. None of the producers has reached the contract stage yet.
If the talks succeed, the pop star will likely perform in Tel Aviv in June, when her new concert tour arrives in Europe. The tour's first stop will be Cologne, Germany, on June 19.
Swift, 25, is considered one of the top superstars in the global music industry, breaking record after record in almost every possible category – from prestigious awards to album sales.
She was born and raised in Pennsylvania and began pursuing a career in country music at the age of 14, when she signed with independent label Big Machine Records and later became the youngest songwriter ever hired by the Sony/ATV Music publishing house.
Her second album, "Fearless," which was released in 2008, won four Grammy Awards, with Swift becoming the youngest ever Album of the Year winner. In 2010, she made it into Time Magazine's 2010 list of the World’s Most Influential People.
Swift has sold more than 30 million albums and 80 million digital single downloads so far.