Distributor ADA and top indie labels may be teaming to create a series of compilations modeled after the very successful "NOW That's What I Call Music" series. However, sources tell Billboard.biz the series is in the earliest discussion stages, particularly regarding other labels that may opt to release one of the albums in the future.

As first reported on Entertainment Weekly's Web site, Vice Records -- which declined comment on the piece -- will release volume one, which is expected in July. No formal deal is in place but "Matador has expressed interest in putting out volume two, and Sub Pop has shown interest in volume three," according to EW.

A source at Matador tells Billboard.biz "still in the super-early discussion phase." A Sub Pop source says the label was asked by ADA for permission to include a Shins song on the compilation, which it granted. But any discussion of Sub Pop releasing one of the albums in the future is "putting the cart before the horse," the source says.

According to the report, the yet-untitled series will feature artists such as Bloc Party, the Shins, Bright Eyes and Clap Your Hands Say Yeah.

Despite reports otherwise, a Silversun Pickups representative said the band would not be taking part in the compilation.