Jay-Z is rumored to be teaming up in the bid with two top music executives, Warner Music Group’s Lyor Cohen and Interscope’s Steve Stoute, according to two former employees of the magazine and a source at Def Jam Records. Rumor has it that Russell Simmons might also be interested.

It’s unclear whether they would try to acquire the magazine directly from owners David Mays and Ray “Benzino” Scott or try to buy out the $18 million in debt claimed by Textron Financial Corp.–The Source’s biggest creditor–in hopes of taking control in the event of a bankruptcy proceeding. Other interested parties, include rival XXL owner Harris Publications