Rumors are flying that hip-hop mogul Diddy may change labels once his five-year contract with Warner Music ends in April.

According to sources, Combs, 39, who started Bad Boy Records as a joint venture with Warner Music in 1993, is hashing out a deal with Interscope CEO Jimmy Iovine.

“Diddy was supposed to release his new album, ‘Last Train to Paris’, with Atlantic Records [a division of Warner] in November,” an insider told The New York Post this week. “But he’s holding off on releasing it until April. If he doesn’t renegotiate his contract, he might end up releasing it on Interscope. Who knows what will happen with Bad Boy if Diddy leaves?” the insider added.