Jay-Z contract negotiations at a stand still

Jay-Z's Def Jam contract expires at the end of this month but renewal negotiations between the mogul and parent company, Universal Music, have reportedly reached an impasse.

"He wanted big, big money that was way out of sync with the realities of today's record business," a source told the New York's Daily News.

"People have lost count of how many times he's come out of retirement," the source said. "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."

In light of the little time Jay's been spending on tour, Island/Def Jam CEO L.A. Reid and his boss, Doug Morris, are said to have found Jay's demands "excessive."

But friends of Hov rebuffed the claim that Reid and Morris have had it with Jay, saying, "They are still actively negotiating,"

One person close to Jay said, "The talks will continue when [Hov] returns to New York. They still have a ways to go before a decision."

The rapper-turned-CEO recently celebrated his 38th birthday in Paris.