All three major labels are said to be in talks for rights to the music; Purple Rain deluxe could arrive as soon as early 2017 (but don't hold your breath).
“Prince’s much-vaunted vault of unreleased music is being shopped for as much as $35 million by estate advisers Charles Koppelman and L. Londell McMillan, a source close to the situation tells Billboard. All three major labels are said to be in talks for rights to the music, the source said.
The source also said that a deluxe edition of Purple Rain — which was announced as part of the artist’s 2014 deal with Warner Bros. but has not yet materialized — will likely be released in the coming months, possibly as soon as early 2017. As Billboard previously reported, a new greatest-hits collection is expected to be released later this year.”