There have been rumors of Jay-Z starting his own label, but is it really going to happen? After leaving Def Jam at the end of 2007, everyone wondered if the executive role was right for the legendary MC.

Now, according to the New York Daily News, an inside source told the paper that the former Def Jam Prez is actually in talks with Warner Music Group chairman, Lyor Cohen, and also gave some insight as to why he left Def Jam in the first place.

“The reason Jay left Def Jam was less about money than about freedom. He didn’t want to come to the office every day. And he had so many outside projects — his chain of 40/40 clubs and the hotel he’s building in Chelsea,” the source told the paper. “But he wouldn’t mind having a small label for the talent he discovers. He might just put out three or four records a year. He’d let somebody else do the heavy lifting.”

Despite the report, Cohen himself denied the chatter, but did said he’d love to work with Jay if the opportunity came about.

“I would be honored and privileged to work with him again,” Cohen explained. “Bringing Jay-Z to the Warner Music Group would be a privilege and a coup. I’d do it in a heartbeat.”

As far as the anonymous source saying Jay like to start his own label, but not “do the heavy lifting,” Cohen has refuted the notion, stating “Jay never does anything small or part-time.”

Despite alleviating his duties as an executive at Def Jam, he still has obligations as an artist there. He reported owes the label a greatest hits CD and a new studio album, which is expected to drop later this year.