Google Inc. and Universal Music Group are in talks to enter a partnership that would create a new music video hub powered by YouTube, according to a report in The Wall Street Journal .

Under the partnership, Universal would use YouTube technology and ad sales to distribute content around the Web.

The hub, which has the working title “Vivo” according to the Journal, would allow Mountain View-based Google (NASDAQ:GOOG) to sell higher priced ads around the professional music videos. There’s no word on whether the other major music companies are also in talks with Google.

If hub gets support from Universal and the other labels, it would mirror MySpace Music, a Los Angeles-based joint venture between MySpace and the four major music labels — Universal, Warner, Sony Music Entertainment and EMI Group — which launched last year.

MySpace Music allows users to stream songs for free. The labels and MySpace share the ad revenue from the site.

Universal Music is a subsidiary of Vivendi and has headquarters in Santa Monica and New York.

As reported by the Los Angeles Business journal