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Fairey stands next to his famous depiction of Obama at the National Portrait Gallery.

(CNN) — The Associated Press is claiming ownership of the most famous image of the presidential campaign: Shepard Fairey’s “Hope” depiction of President Obama in red, white and blue.

The image itself, which now has a home in the National Portrait Gallery, is based on a 2006 AP photograph — and the news service says it deserves credit, and a share of the massive profits Fairey’s depiction has generated.

“The Associated Press has determined that the photograph used in the poster is an AP photo and that its use required permission,” the AP’s director of media relations, Paul Colford, said in a statement released Wednesday. “AP safeguards its assets and looks at these events on a case-by-case basis. We have reached out to Mr. Fairey’s attorney and are in discussions. We hope for an amicable solution.”

Anthony Falzone, Fairey’s attorney, says fair use protects his client’s rights from using the photograph as a basis for his image. The concept of fair use allows breaches of copyright law based on the degree to which the original image is used, among other factors.

Fairey, a Los Angeles street artist, has said he found the image online and created his now-famous depiction in early 2008. He says he has not profited at all from the work, which he donated to the Obama campaign.