After last week’s New York Daily News report (available HERE if you missed it) that negotiations stalled between Jay-Z and Def Jam, Jay tells Entertainment Weekly the rumors are untrue.

“You know, it’s active,” says Jay-Z. “We’ll see how it turns out. I mean, we’re close. So we’ll know in the next couple of weeks how it turns out…It’s really about the future of the music business, and not wasting anyone’s time. I don’t ever want to sit in a seat just to sit in a seat.”

During the interview Jay-Z also gives his thoughts on KanyeWest and the 26 Grammy nominations Def Jam has received since he took over as president. Click HERE for the rest of the interview.

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Roots Drummer ?uestlove will join Easy Mo Bee, Prince Paul and Salaam Remi to reinterpret songs from Marvin Gaye’s 1978 album Here My Dear. The songs are part of a two-disc reissue that will feature a remastered version of the original album and a resequenced edition, which features current artists and producers using Gaye’s instrumental tracks and demo vocals.

All involved were asked to only use Gaye’s original multi-track tapes and no overdubs, so the project will not be a Hip-Hop version of Marvin Gaye songs. ?uestlove contributed the song “Sparrow” while Prince Paul and Salaam Remi were responsible for “Everybody Needs Love” and “Falling In Love Again.” Here My Dear–Expanded Edition will be released on Hip-O/Motown records Jan. 15.