"I reached out to him a couple of days ago with some real serious ideas," Lupe said. " 'Let's put a program together. Something that works out and makes sense for the both of us.'

He's a very talented MC. One of the few MCs that I actually listen to what they're saying. I don't listen to 98 percent of the rappers out there. But he's one of the MCs I listen to and I'm inspired to do so. A collaboration is in the works."

Lupe also clarified the comments he made recently, when he said he did not want to be like Jay-Z...

Lupe said he didn't mean any malice toward Jigga but was speaking up for individuality.

"Jay-Z's a personal friend of mine. [He] executive-produced my first album," Fiasco said. "[My comments were] just an example using him of how people rate success.

There's an idea of the status quo that every rapper wants to be Jay-Z. Nah. Every rapper does not want to be Jay-Z. Every rapper don't wanna be Kanye West. Everybody don't wanna be Lil Wayne. They wanna be who they are.

You're a fool trying to chase that success down and manage it like that. I always look at my success as further than a dollar sign, further than record sales.

Everybody thinks because you're black and you're from the 'hood, you wanna be Jay-Z. There's kids who wanna be astrophysicists and don't care about rap. That should be OK. You should be OK just being you, working your regular job and being happy. That's why I made that statement. I felt it need to be said."

The LupE.N.D. Blog: Lupe Fiasco reaches out to Jay Electronica & explains Jay-Z Comment