Jay-Z is thisclose to inking a deal with Warner Music Group after recently severing ties with longtime label home Def Jam. Jay Z has been taking top-secret meetings with his old pals and former managers Lyor Cohen and Kevin Liles.

The conversations have included giving Jay his own record label at Warner, tentatively to be called the Carter Music Group.

“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,” The New York Daily News wrote Thursday.

“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,” the insider added.

A second music industry source added, “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-Z, Lyor Cohen and Kevin Liles are all brand names. They’re the industry’s heavy hitters, and the combination would bring them a lot of attention. They would be unstoppable. Jay himself is the most successful rapper-turned-businessman out there.”