I'm exclusive with iStock, but I have someone who would like to license a couple of my photos directly from me. But they would like to have a license that gives them the right to do pretty much anything (basically a royalty free license). Is it possible to do a rights managed license that is similar to a royalty free license?

Another option, is it possible to completely sell the photo (the full copyright) to them?

The photos they're looking to license (or buy) are not on iStock, but I do have similar photos from the same shoot currently on iStock.

Thanks for any help.

Hi Sean, thanks for the reply. I had thought of something like that, but they specifically want in perpetuity. That's why I was thinking to just sell them the copyright for the images. I've already uploaded similar photos to iStock from that shoot and probably would not have uploaded any more, so not having these specific photos any more is not that big of an issue to me.

If they want a buyout that should involve some big bucks so charge appropriately.  Also, I would let them know that there are some RF similars (depending on how similar they are) floating around out there and see if that is a concern for them.
Good luck.  Buyouts don't come around very often so take advantage of this opportunity.