Earlier this week, the rumor mill began churning with news that Swizz Beatz and Alicia Keys were set to tie the knot this weekend, but the super producer says that the couple have no such plans.

'People' magazine caught up with Swizzy at the New Music Seminar in New York City on Wednesday night (July 21), where he good-naturedly shot down the wedding rumors. "The wedding is not this week," he said, referring to details that the two were set to get hitched aboard a 200-foot yacht in the Caribbean. "People are very creative [with gossip], but it's cool. We have fun with this stuff. [The rumors are that] we're taking a boat to do this and we're like, 'Man, who's paying for that?'"Swizz also put a swift end to talk that he had taken charge of Keys' career, since she parted ways with her manager of 15 years, Jeff Robinson. "I am one trillion percent not managing my fiancee. I'm not a manager," he said.

After gracefully handling all the latest rumors, Swizz went on to talk about the baby on the way, explaining that both parents were simply excited. "Alicia is definitely one of those great parents-to-be. I'm definitely one of those great parents as well."

This will mark the first child for Alicia Keys, and the third for Swizz Beatz, who has two sons from previous relationships.