After a decade of talks, an industry-sanctioned British Music Hall of Fame is close to finding a home. Trade association the British Phonographic Industry confirmed Friday (May 27) that it in "advanc

After a decade of talks, an industry-sanctioned British Music Hall of Fame is close to finding a home.

Trade association the British Phonographic Industry confirmed Friday (May 27) that it in "advanced negotiations" with Anschutz Entertainment Group to build the permanent attraction.

Talks are on housing the exhibition at London's Millennium Dome, which is to be refurbished and relaunched as multi-faced venue "The O2." AEG and wireless operator O2 unveiled plans earlier this week to develop the Greenwich site, for a 2007 launch.

The facility will be converted into a 23,000-capacity music, entertainment and sports arena with a 2,000-capacity club.

According to the BPI, a "prime site" for the hall of fame has been located beside the club venue.

The BPI and leaders of the U.K. record industry tried and failed in the 1990s to establish the British Music Center, which was to have paid homage to influential heritage artists.

BPI executive chairman Peter Jamieson says he is optimistic the latest talks will bear fruit. "It is important if this is truly to be a pan-industry celebration of music that we involve the key players and stakeholders," Jamieson adds.

The trade body will also seek involvement with organizers of the British Music Hall of Fame initiative, which was developed as a TV project for national broadcaster Channel 4. "We are definitely talking to them," says a BPI spokesman.

The inaugural U.K. Music Hall of Fame series, which climaxed last November, was a joint venture between Initial, a division of independent TV production firm Endemol U.K., and Channel 4 subsidiary 4Ventures. Plans for a 2005 series have yet to be revealed.