According several inside sources Rupert Murdock’s News Corporation, which now once the hugely successful social networking website Myspace.com, is in negotiations with rapper 50 Cent to have him join their fledgling Myspace Records. Apparently, News Corp. is offering the Rap Star a reported $300 million to leave join the label which has struggled to attain market share since it’s launch.

The deal would see 50 Cent and his G-Unit crew join the label and give News Corporation control of tours, books, and film projects as well as future albums released. Neither 50 Cent or News Corporation are publicly commenting about the deal which was first reported by Hip Hop news web site MediaTakeOut.

Last year 50 Cent netted $400 Million when Coca Cola brought up the company he partnered with to create his vitamin water and the “Formula 50″ brand. With this deal the rapper who is also now a block buster actor would be worth nearly a billion dollars.