Jay-Z is reportedly in talks to headline a new brand of "massive music festivals".

The hip-hop superstar is no stranger to performing at open air events, having wowed at the Glastonbury music festival in the UK in 2008.

Jay-Z is said to have become good friends with investor and businessman Ron Burkle, who is considering launching a new series of outdoor music events.

"Sources say the billionaire investor is interested in producing massive music festivals' similar to Coachella, but internationally, and has been courting the rapper/mogul, who could be one of his biggest acts," reports New York Post.

Ron threw a party for Jay-Z on Tuesday night, after his Watch the Throne show alongside Kanye West in Los Angeles.

Drake and Jay-Z's wife Beyonc Knowles were in attendance, but Ron's spokesperson has said nothing should be read into the situation.

"I can't deny we're looking into that type of business. It isn't necessarily producing [festivals] but you're close. We're making an investment that hasn't really closed yet. He hasn't talked to Jay about it. He's just friends with these guys," the representative said.

The two men are also thought to have been discussing the possibility of collaborating on a technical business, possibly based online.

Ron has a host of celebrity friends and is rumoured to be happy to help them out with projects. When P. Diddy started his Sean John clothing line there were reports the investor handed him $100 million to help with start-up costs.