In a recent interview with EW.com, Jay-Z shot down reports that he is making major demands for his renewal contract with Def Jam Records.

Jay-Z, born Sean Carter, was named Def Jam President CEO in 2004 and his contract  with the label expires this month.

Last week, a source close The New York Post claimed that the contract renewal negotiations between Def Jam and Jay-Z were stalling because of he was making excessive monetary demands.

When asked by EW's Vozick-Levison if there were any truths to his demands, Jay-Z simply replied 'No' and said that his talks with Def Jam are still active and will be concluded in the coming weeks.

“It's not about money.  That's really the last thing,” said Jay-Z. “Of course, as a person that does these type of things and puts his heart and soul into it — and it's effective, as the Grammys would indicate — you want to be compensated for what you do.  But it's really not about money.  It's really about the future of the music business, and not wasting anyone's time.”

“I don't ever want to sit in a seat just to sit in a seat,” he continued.  “I could be off doing something else that's beneficial to the future of the music business as well as myself.  So it's not about money!  I mean, you couldn't pay me enough.  And I don't mean that in a cocky way.”

The rapper would have no definite answer when asked if he sees himself at Def Jam next year.

“Yeah, I think I don't know.  Let me not even say that,” he said.  “I don't know.  We'll see how it goes.”