Jay-Z is reportedly in final negotiations to become president of Island Def Jam and is prepping the release of his Fade To Black documentary.

According to sources close to the deal, negotiations have now been going on for weeks and should be finalized within the next 10 days. If he becomes president, Hov would report to new chairman Antonio "L.A." Reid and replace his former boss Kevin Liles.

Liles was instrumental to Jay's success since his addition to the Def Jam family in 1996. Sources say Jiggaman is expected to sign a three-year deal with the label. Def Jam has also been in talks to buy Roc-A-Fella Records from Jay and partners Damon Dash and Kareem "Biggs" Burke for a reported $10 million.

In related news, the press has been treated to several preview screenings of Fade To Black in the past week. The film documents Hov's Madison Square Garden farewell concert and features Young as he crafts The Black Album. The studio scenes show Hov vibe with Young Guru, 9th Wonder, Just Blaze, Kanye West, Timbaland and Rick Rubin during recording sessions for standout The Black Album cuts like "What More Can I Say," "99 Problems," "December 4th," "Lucifer," and "Dirt Off Your Shoulder."

Fade To Black premiers on Nov. 5.
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