A G-Unit associate has reportedly shot down reports of 50 Cent's million dollar deal with media giant News Corporation.

Reports surfaced earlier this week that 50 was in negotiations with News Corp for a ten year $300 million deal which would see the rapper moving his G-Unit imprint to News Corp's My Space Records.

Also as part of the deal, News Corp would create a new entity to finance and market 50 Cent's touring and would also help the G-Unit honcho launch a studio to release film and TV projects.

According to Vibe Magazine, a source who works closely with 50 Cent and G-Unit refuted the reports today (May 16).

“If this was true, we’d know first,” the G-Unit associate said.

50 and G-Unit are currently gearing up for the release of the second G-Unit group album titled Terminate On Sight.  The album is slated to hit shelves on July 1st.