There have been no updates on the status of Diddy's all-star group, the Dream Team, which includes Fat Joe, Fabolous, Rick Ross and Busta Rhymes, but in the mean time the mogul is cooking up a project with Rick Ross under the pseudonym Bugatti Boys.

In a new YouTube video -- tastefully recorded in the back of a car -- Diddy and Ross announced that they are teaming up to release a joint EP. In the two-minute video, Diddy and Rozay explain that they will split writing duties down the middle, in order to make it a fair game. Never one to miss a promotional opportunity, Diddy makes sure that there is running script promoting Rick Ross' 'Teflon Don,' which was released in July, and his oft-delayed 'Last Train to Paris,' which will finally see the light of day in December. Check out the video after the jump..