The rumors are flowing like boycotted Cristal champagne today. According to The Boy Genius Report, Jay-Z and Apple are teaming up to create a new record label. Now before I start throwing around puns like, I gotta 99 problems but an iPod ain't one, ahem. Lets look at recent events.

At the beginning of November, Jay-Z refused to let his American Gangster album be sold on iTunes because the tracks could be sold separately and Jay-Z wanted the album sold in its entirety, not split up.

In 1981 Apple Records and Apple Computer settled a trademark infringement suit. Apple Computer agreed to stay out of the music business. In 2006 Apple Corps again sued Apple Inc. over the iPod and iTunes because they believed it violated their earlier agreement. That case was settled in 2007 but the details were kept confidential. Would those confidential details allow Apple to start a record company? That's highly unlikely.

It is possible that Jay-Z made enough of a stink over the splitting up of his album that it caught the eye of Steve Jobs. The two met and they'll soon be vacationing in Saint-Tropez, France together. And maybe, Apple's settlement with Apple Corps. allows a record label that doesn't carry the Apple name. Possibly iTunes Records, iPod Records or iRecords, something with an "i" in front of it. It could happen.

We'll just have to wait and see if Jay-Z appears wearing jeans and black turtle-neck on January 15th.