According to various sources, rap mogul Jay-Z is set to forfeit the position of President of Def Jam Recordings on 31 December.

On Christmas Eve, Variety reported this statement from the man himself: “Now it’s time for me to take on new challenges. I am pleased to have had the opportunity to build upon the Def Jam legacy.”

The New York Times has suggested Jay-Z’s exit is down to dollars. His current contract expires at the end of 2007, and Def Jam’s parent company, Universal, “declined to renew the contract under more lucrative terms he sought.”

With a steady sideline in producing, managing nightclubs and owning the New Jersey Nets basketball team, it’s unlikely Jigga is going to be idle. And he is a fan of comebacks…