Despite rumors of Joe Budden being in heavy talks with Eminem's Shady Records, the rapper deaded the speculation, calling it just that -- rumors.

Via a recent interview with Sixshot.com, the rapper denied being close to signing with the label whose roster boasts 50 Cent, D12, Obie Trice and Cashis, but did not deny that the label may have contacted him.

"Yeah, that's a rumor," the New Jersey rapper told the site. "Far as me being in heavy talks with them... no. As far as us being close to closing a deal... no."

For those unaware, Joe Budden is currently a free agent, after severing ties with Island Def Jam last year where he only released one album and experienced several delays on his follow-up.

Ultimately, his long awaited sophomore album, The Growth, was shelved indefinitely and to date, it doesn't look like it will see the light of day.

Since his release, he's released the third installment of his Mood Muzik mixtape series and is currently fielding offers for a major label deal.

In a December interview with Rhapsody.com, the rapper said that he's narrowed his choices down to three labels.

"I've narrowed where I'd like to be to three places. I'm going to end up at a major," Joe said, which should be finalized by summer of 2008.