Rushonrock understands Van Halen are holding out for a $2m record deal ahead of the release of their new album – slated for late summer.

The band’s representatives have been talking to UK and European based rock labels with a view to securing a deal outside their home country.

And one label boss revealed: “They’re looking for a $2m advance.”

Back with David Lee Roth and slated to tour the world once their new record is complete, there’s no doubt Van Halen will be hot property once they’re back.

But in the current financial climate a number of established labels are cool on the idea of shelling out a $2m advance with no guarantees that the band’s Roth-era fanbase is still interested in new material.

Our source added: “I know there’s at least one label over here (the UK) who’ve gone as high as £1m and they’re an established company with a track record of working with big US bands.

“But they won’t go any higher and nobody knows whether Van Halen will get what they’re looking for.”

With the likes of Whitesnake, Warrant, Giant and Mr Big on their roster, Italian rock label Frontiers are understood to be the frontrunner when it comes to releasing Van Halen’s as yet untitled return in the UK and Europe.