New York -- Irving ‘Irv Gotti’ Lorenzo and the crew of his Inc Records celebrated in high style last night at club Rhone in New York City. The defunct record mogul is close to inking a deal to bring his record label, The Inc., back to the limelight with a proposed $10 million deal with  Universal Motown.

Gotti is set to sign the three-year deal, which includes a $10 million advance for future revenues and overhead expenses. According to the New York Times, the contract also gives the record producer the option to buy the mastered recordings of previously released Murder Inc. songs.

“It feels exhilarating,” said Lorenzo, who was acquitted of money laundering charges late last year. “It’s like a rebirth. It feels like God put me through hell, showed me a lot of things, showed me who the good people and bad people are around me, and lined me up to do what I’m put here to do.”

Multi-platinum artists Ja Rule and Ashanti are among the artists still signed to The Inc. Ashanti is presently in the studio working on new material and plans a new release early ’07.