Chris told the New York Post that The Inc.’s music attorney Ron Sweeney got word from Island Def Jam that it didn’t wish to renew its deal with The Inc. last Thursday as deliberations began in the money laundering trial. This past May, reports surfaced that Def Jam was seeking a deal to dissolve its joint venture with The Inc.

“We’re free finally,” Chris told The Post. “We have a lot of options and we’ll figure it out after the new year.”

The executive added that his roster has “hundreds of songs ready to go.” The label’s artists include Ja Rule, Ashanti, Cadillac Tah, Black Child and R&B singer Lloyd. Meanwhile, Ja Rule and Ashanti respectively released Exodus and Collectibles, greatest hits compilations, through Def Jam yesterday.

Irv had begun negotiations regarding a high-level executive position at Warner Music Group’s Atlantic Records earlier this year. The talks halted when Warner execs opted to await the outcome of the trial.

Warner executives Lyor Cohen and Kevin Liles appeared in court to support the Lorenzo brothers last week. Sources say Cohen plans on making a deal with the label. The Lorenzos have also been negotiating with U.K. label EMI, but sources say a deal isn’t probable.

“Warner is definitely where they’ll end up,” a music executive close to the deal told The Post.