April 1 ushers in April Fools Day and with that comes a wealth of stories that may prove to be untrue come tomorrow. In what some believe may be a hoax on this day of jokes, Russell Simmons is rumored to be making a return to Def Jam, the label he helped to create alongside Rick Rubin.

According to a post written on GlobalGrind.com -- a digital media company focused on content of interest in the hip-hop community and partly funded by Simmons -- the media mogul has returned to the record label to take a position as president and CEO. The move reportedly comes as a result of L.A. Reid's departure from the famed record label earlier this month.

The site goes on to report that Simmons will oversee Def Jam's entire roster, including Rihanna, Young Jeezy, Kanye West and Rick Ross, among others. He's also rumored to have appointed his brother, Joseph "Rev. Run" Simmons as the Senior Vice President of Artist Development.

Producer Rick Rubin founded Def Jam while living in his New York University dorm room in 1984. Simmons teamed with Rubin to start the label. Together, the duo oversaw the music careers for the likes of the Beastie Boys, Run-DMC, LL Cool J and Public Enemy. Russell Simmons left his post at the company in 1999, when he sold his remaining stake to Universal for a reported $120 million. He went on to serve a role as chairman.

No official statement has been issued from Island Def Jam or Universal Music Group, which begs the question is this an April Fools joke or not.