Jay-Z began the interview by denying the move to Columbia and stated that the rumors must have started since his contract is coming up. He hasn’t re-signed but wants to; saying he wants to see what’s out there.

As expected, Lil Wayne got brought up during the discussion.

Is the T.I. and Jay-Z joint directed at Lil Wayne? (Click to listen.)

“I wouldn’t say that. It’s really whoever wants to put their feet in those shoes. When you write lyrics, it’s almost a current event thing. That was just a sentiment out there. That was just what I was feeling … that was just a wide net. I just cast a wide net; just what I felt like saying.”

How do you feel about some of Lil Wayne’s verses? Do you catch some of that?

“I think he’s being creative. I mean what he supposed to do. Me in my position … I don’t mean this in a bad way; I’m not belittling what anyone’s tryin to do. But I’m not competing on that level.” Jay-Z responded. “I’m not competing. My mind is somewhere else right now. So that’s not what I wake up doing. I don’t wake up competing. And that is what he SHOULD be doing.”

Wayne is in a position now, people are talking about him. And you do make reference to that in this song…

“Like I said, that’s a wide net. I guess it’s a compliment to him. They put that whole weight on him. If that’s what he’s doing, he’s definitely not the only one doing it. Taking little shots and doing their little sneak or whatever. [What about the father line?] … I got a lot of kids out there.”

At this point in your career, would you engage in this kind of back and forth?

“I mean I got a lot of patience but at some point if you backed in the corner; sometimes you gotta bring out the big guns and let it go. You know, once every year; before it was everyday. Come outside, shoot the jump-shot and go back inside; to the owner’s suit. Where I belong. *laughs”

Now onto a touchy subject … you having a son. It’s been in all these magazines. A picture all over the net…

“The sad part of that is that it’s a real child involved. It’s not a mystery child. It’s a real child and they putting pictures out there … but, you know my history. I raised my nephews. I’m very family oriented person. So it just doesn’t make sense. I don’t know if it makes sense to other people out there. Of course, the people who make these rumors up are smart. So they make up this million dollar hush fund. That doesn’t make sense. That’s short. For 18 years that’s a little light! Before we go any further, cause you know people gonna start sayin ‘he didn’t say no’. That’s absolutely not true.”

What are your favorite songs right now?

“Ne-Yo, Rihanna, Fabolous … *laughs.”

What about Kanye dropping on the same day as 50 Cent?

“I think that’s very exciting. I think it’s a moment for hip hop. I think it’s great for retail. I think it’s great for the record business. I think it’s great for the buying public. I think it’s great for the internet sites who can have their debates about who’s going to win. Take bets. That would be great. To set up a betting site. Like Vegas, with odds and all that.”

Who would you bet on?

“I mean I gotta bet on the home team … I have to. I have to believe that until the numbers come in.”

How’s Kanye’s album?

“Incredible. No seriously … incredible.”

You know he [Kanye] just did this interview where he says he’s Top 5 [in the game right now]. The only two people in the game that are better than him are Lil Wayne and Andre 3000. (read more)

"Man I’m gonna body slam him when I see him. What is his problem. Nah, I heard about that and how they [MTV] did that now list. I spoke to the kid from MTV. What you should of did was have the people ‘now.’ Because I don’t think I belong on the list. I believe Fabolous belongs on that list … Rick Ross. Other people belong on that list. It should’ve been split up for ‘now’ like REALLY ‘now.’”

Do you ever miss being THAT dude? Being the hottest rapper in the game? Or do you still feel you are?

“Well until somebody makes a album better than Reasonable Doubt. I still think I’m the number one shotta! Or Blueprint, how about that. In my mind. Everybody uses different things to tally up the way they come to their conclusion. My conclusion, in my mind … ‘til someone makes a better album than Reasonable Doubt or Blueprint then I’m the top shotta. I really believe I’m the best ever. I’m at least in the argument. I’m arguing with Big and Pac, I’m not really taking it from no one else.”

So what’s the evolution of Jay? What’s gonna happen next?

“Umm, I mean I’ve been looking into hotels. The hotel/casino thing, that’s of interest. On some ‘Ocean 13’ movement. I’ve got two hotels I’m building right now, in the city. Not casinos, just hotels. I think I’m gonna name one of the hotels ‘The Marcy.’ I’m creative you know. I used to write for a living.”

What are you doing with Bill Clinton and Bono?

“I can’t really say the details. At the end of the day it’s like a charitable thing. I want to tie in that “I Will Not Lose” campaign that we’re doing with Roc-A-Wear now. I want it to be a thing that lives outside the campaign. Cause everybody complain about what can’t happen. Or they can’t do this, they can’t do that. Give people a chance to tell their story of why they won’t lose. Instead of complaining about losing … it’s a website now, for the campaign. You can submit your story, we’re gonna pick the winners and we gonna help them out. That’s just for the campaign. I’m trying to make it a worldwide thing!”

To listen to the entire interview, check out our audio section.