Dealing with conflicting and target-specific requirements is an important issue in multisensor and multitarget tracking. This paper aims to allocate sensing resources among various targets in reaction to individual information requests. The proposed approach is to introduce agents for every relevant target responsible for its tracking. Such agents are expected to bargain with each other for a division of resources. A bilateral negotiation model is established for resource allocation in two-target tracking. The applications of agent negotiation to target covariance tuning are illustrated together with simulation results presented. Moreover, we suggest a way of organizing simultaneous one-to-one negotiations, making our negotiation model still applicable in scenarios of tracking more than two targets.