This rumor has been making the rounds since last spring, but now the blog Boy Genius Report claims to have confirmed it with a source close to Jay himself. The former Def Jam CEO is said to be very close to announcing the formation of a new record label with Apple Computer. While it's still far from official, a venture with the iPod giant would likely center around a digital distribution model rather than the traditional CD based business that has seen better days.

Click here to read the full report at Boy Genius Report