He left Def Jam last week, and now, it's reported that Jay-Z is close to inking two multi-million dollar label deals.

The longtime Def Jam superstar recently parted ways with the label after forking out a rumored $5 million out of his own pocket to buy out the rest of his contract.

Early this week, Hits Daily Double reported that Jay was close to signing a deal with his wifey's label, Sony Music, where he's distribute his Roc Nation imprint.

The report said Jay, his business team, and executives from Sony had held several meetings in both New York and Los Angeles to discuss the deal. However, nothing has been confirmed, formally that is.

Then Thursday (May 28), the New York Daily News reported that Jay has been in talks with Warner Music Group to launch Carter Music Group, where he'd possibly release his own solo record via Atlantic Records after his next effort.

Warner is headed by Chairman Lyor Cohen and Executive Vice President Kevin Liles, both of whom have history with Jay at Def Jam. In Def Jam hey day, they worked together to release Jay's classic albums via Def Jam/Roc-A-Fella.

"Jay knows Lyor and Kevin from back when they all worked together at Def Jam, and he obviously wants to work something out with his friends," an insider told the paper. "He wants to get the dream team back together. There have been a few whiffs of a reunion in the past, but only now -- and very privately -- is something finally starting to happen ... This is big in hip-hop. These are three of the most powerful men in music, who might be working together, and there's no question the success they'll have as a team will be huge."

Jay's next album will be the long-awaited Blueprint 3, which he has been working with Kanye West on. It's being speculated that it'd be released this fall through a Roc Nation/ Sony Music union, because of Jay's connection with hit producer Rick Rubin, who was responsible for "99 Problems" and appears in the song's video.

At press time, it's unknown where the album will be released through.

Stay tuned for updates.