In his latest attempt to take over the world, hip-hop mogul Jay-Z is planning to sponsor his own arena in East Rutherford, New Jersey -- named after his Rocawear clothing brand.

The 37-year-old entrepreneur -- who owns a portion of the New Jersey Nets -- is currently in talks with the New Jersey Sports and Exposition Authority over naming rights to the arena, which is currently held by Continental Airlines. Continental plans on removing its name from the stadium now that the New Jersey Devils are moving to the Prudential Center in Newark, New Jersey. The new owner can expect to pay anywhere from $600,000 per year to $2 million. NJSEA will evaluate the proposals and could make a decision by Oct. 4.

Meanwhile, Jay-Z is set to release his latest project, 'American Gangster,' inspired by the upcoming film of the same name, on Nov. 6.