Concert promoter Live Nation and rap mogul Jay-Z are on the verge of closing another of those huge partnership deals we have recently been hearing about, the New York Times reports.

Jay-Z is looking to make some changes in his life, it appears. The New York Times is reporting that the superstar rapper plans to part ways with longtime record label Def Jam and join concert promoter Live Nation in a partnership worth roughly $150 million.

The 10-year deal is expected to be finalized this week and will see Live Nation finance future start-up ventures by Jay-Z, which could include his own label, music publishing, and artist consulting and managing, according to the paper.

Called Roc Nation, the partnership could include future touring and certain publishing and licensing rights, the paper said.

Quoting “people in the music industry briefed on the agreement,” the Times adds that the 39-year-old hip-hop artist, whose real name is Shawn Carter, would receive advance payments of $10 million for a minimum of three albums.

Jay-Z stepped down Def Jam Records president last December but is still signed as an artist and owes one more album.

The first collaboration under the new agreement with Live Nation is Jay-Z’s current 28-date tour with Mary J. Blige, called “Heart of the City.”

It was only Monday that Live Nation reached another major agreement with Irish rock band U2 – the 12-year deal will have the concert promoter handle the band’s merchandising, digital and branding rights as well as its touring. The partnership does not include rights to the band’s recordings, which remain with Universal.

Last year, Live Nation signed a previously unheard-of deal with Madonna. The concert promoter and the Queen of Pop reportedly signed a 10-year, $120 million contract in October, under which Madonna would receive cash and stock and give Live Nation exclusive rights to sell three studio albums, promote concert tours, sell her merchandise and license her name.

Madonna’s last album with Warner Bros., “Hard Candy,” will be released at the end of April.