While fans await the highly anticipated release of Hov's Blueprint 3, Jay-Z is making moves ... label moves that is.

After more than a decade with Def Jam, the hip-hop mogul has officially parted ways with the label after buying out his contract for $5 million.

It was just a rumor Thursday morning (May 21), but Jay contacted YN's RapRadar.com later in the afternoon to confirm the news.

"I can honestly say, working with Doug Morris and L.A. Reid has been a unique and fulfilling experience, and I respect them immensely," Jay told the site. "I've been in the family for almost my entire career. Doug and I spoke directly and had one of the most unique 'negotiations' ever.

Jay said that negotiation included a coin toss. "Doug won the toss, but we both won in the end," Jay said. "I thank him for allowing me to be a completely independent artist. Not every artist can say they own or are given the opportunity to own all of their music."

Hov has been working on his much anticipated Blueprint 3 album with Kanye West since 2008, after forming his own record company Roc Nation.

No word on when the album is expected, or what label it would be released though at press time.