Jay-Z may be expanding his already vast investment portfolio with a stake in baseball. The mogul is looking into buying shares into the New York Yankees.

The former Def Jam president has already made sports his business as a shareholder in the New Jersey Nets basketball team as well as his 40/40 sports club franchise - with locations in Manhattan, Atlantic City, Vegas, Tokyo and Macau. His other assets include his recent $150 million deal with Live Nation and his new advertising company with Steve Stoute, among other business ventures.

Jay had previously been in talks to invest in the London-based soccer team Arsenal Football Club but that fell through in '05.

"I had invested in the Nets, and they (Arsenal bosses) asked me if I was interested in investing. But I get that from time to time," Jay told London's Time Out magazine. "Someone told me yesterday that someone else had a piece of the New York Yankees, 'We wanna talk to you, yadda yadda yadda.' I mean, I love the Yankees so I'm in the middle of following that through, but sometimes it comes to be nothing. That (Arsenal) was one of the times it came to nothing."

As previously reported, Jay represented the Nets at this year's NBA Draft Lottery.

In related news Jay-Z is set to perform during this weekend's Glastonbury Festival in the UK. The event is expected to draw crowds of up to 175,000 people.