With Jay-Z presidential contract with Def Jam expiring at the end of December, it looks like the rapper's future at the label is uncertain, according to one report. An article in the New York Daily News' Rush & Molloy gossip column today claims that contract renewal negotiations between Jay-Z and the Universal Music Group have hit a wall. "He wanted big, big money that was way out of sync with the realities of today's record business," an anonymous source told the paper, also claiming that L.A. Reid and UMG big boss Doug Morris are said to have found Jay's demands "excessive" in light of the time he's been spending on tour.

"People have lost count of how many times he's come out of retirement," the source went on. "Everybody knows he's not around the office much. Everybody at Universal loves him, but they can't justify paying him the money he wants when so many people have been laid off."

Still, a "friend" of Jay's told the paper that "the talks will continue when he returns to New York. They still have a ways to go before a decision."

CLICK HERE to read the NYDN's full report.