Murder Inc boss, Irv Gotti , may be on the verge of reviving his label with private financial backing, as well as re-establishing his alliance with the Universal Music Group.

Gotti was indicted in January 2005 on charges that he laundered money for a convicted drug kingpin, but was acquitted of the charges by a federal jury in December.

Now, he is finalizing a deal to secure financing from Larry Goldfarb, the managing partner of the San Francisco-based hedge fund BayStar Capital, according to the New York Times.

As part of the arrangement, which may be completed in the next two weeks, Goldfarb's newly formed LRG Records is expected to commit up to $30 million to operate the label in its first three to five years.

Gotti is also trying to get back into business with Universal, which had previously been his partner in Murder Inc. The company severed ties with him after his indictment.

After his acquittal, Gotti publicly accused Universal of ousting his label and unfairly shunning him before he had the chance to prove his innocence in court.

Gotti is reportedly in talks to get a distribution deal in which Universal would promote and release recordings from his label, which is now known as the Inc.

As part of the arrangemen t, the Times says that Gotti would probably gain ownership of the master recordings he previously released through the company, including hits by Ja Rule and Ashanti.