Less than a month after rumors that Jay-Z was founding a new label in partnership with Apple, The New York Daily News is now reporting that an industry insider has informed them that Jay-Z wants to launch a label titled The Carter Music Group, adding that the rapper/businessman is in talks with boss of Warner Music Group, Lyor Cohen.

Lyor Cohen, however, claims he has not spoken in fact spoken with Jay-Z, but added, “I would be honored and privileged to work with him again. Bringing Jay-Z to the Warner Music Group would be a privilege and a coup. I’d do it in a heartbeat.”

In December of 2004 Jay-Z stepped down as President of Def Jam Records after a four year run. He is, however, still a part of Def Jam’s artist roster and has a contractual obligation of one more album with the major label.