While rumors have had him moving into just about every executive suite in Hollywood, New Line Cinema president of production Michael DeLuca appears close to a new long-term, executive/producer pact with the studio.

According to sources, the contract DeLuca and New Line are hammering out will extend over five years. After the first two years, DeLuca can segue into a producer deal under which he will have the authority to greenlight an unknown number of put films.

It’s also believed the pact will bring marketing and distribution under DeLuca’s purview.

DeLuca’s current contract lasts until the end of this year, at which time the new deal would take effect.

Neither DeLuca nor New Line could be reached for comment, but sources close to the exec point out that the deal includes a substantial pay raise and stock in the company.

Compared with his counterparts at other studios, and as one of the only executives who can claim the title of tastemaker, DeLuca, according to one exec, “has been grossly underpaid for the job he’s done.”

It’s understood that with his current contract on the wane, DeLuca has been in the cat-seat during negotiations, with at least two studios, including Sony making overtures for his services. Sony is understood to have offered to create a new production label solely for DeLuca to oversee.

Sources also indicate that Creative Artists Agency has had a hand in structuring the deal on DeLuca’s behalf.