UPDATE: it’s official Jay-Z himself confirms  that his Def Jam Record Deal is complete and done with; In an exclusive chat with former XXL Magazine editor Elliot “YN” Wilson here is what Jay had to say Wilson’s blog RapRadar.com:

With rumors swirling around Jay’s Def Jam contract buyout, Hov exclusively spoke to Rap Radar to confirm the speculation.

“I can honestly say, working with Doug Morris and LA Reid has been a unique and fulfilling experience and I respect them immensely.  I’ve been in the family for almost my entire career.

Doug and I spoke directly and had one of the most unique “negotiations” ever. Doug won the toss but, we both won in the end..

I thank him for allowing me to be a completely independent artist. Not every artist can say they own or are given the opportunity to own all of their music.”

YN: What is this coin toss about?

Hov: That takes a phone conversation, I’ll save it for our interview… classic.

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It’s being reported that sometime earlier this year legendary rapper, Jay-Z, allegedly bought back the last album due to Island/Def Jam in his recording contract. The alleged sum it took to complete and close out the contract was a king’s ransom of $5 million (although this is not a confirmed amount).

It appears Jigga is ready to move on and build an empire with his new Roc Nation label over at Live Nation. So there is a great chance his eagerly awaited album “The Blueprint 3” will be his debut LP on the Roc Nation venture.

Jay has also been busy signing acts to the new ROC…key signings so far include up and coming rappers J. Cole, Mikey Factz and British Pop girl group SugaBabes. Rumors are also saying that Jay might sign State Property to the new Roc with all the original members reunited.

We’ll see what happens…