Universal Music Group is seeking a month-by-month licensing deal with Apple Inc.’s iTunes that would no longer guarantee the online music seller access to all Universal content, a person familiar with the negotiations said Monday.

The monthly arrangement would allow Universal to offer exclusive content deals to rivals of iTunes — something Universal hasn’t been able to do as part of its previous one-year deals, according to the person, who spoke on condition of anonymity because of the confidential nature of ongoing negotiations.