While The Blueprint 3 won’t hit shelves until early 2009, his former business parter-slash-friend, Damon Dash and mentor, Jaz-O, have some strong words for Jay-Z.

The New York Daily News claims to have a transcript of the former Roc-A-Fella co-CEO during his interview with Complex magazine. In the interview, which is supposed to run online Wednesday, Dash allegedly takes a jab at his former business partner, by suggesting there’s an equally scintillating feud growing between Hova and Kanye West.

The report says Dash cites a 2003 concert in Chicago, where West was to be presented his own Roc-A-Fella chain and medallion:

This nigga [Kanye] was like, ‘Wow. [Jay-Z] ain’t going to give me the chain.’ I had to take off my chain and give it to him… and I was heated. I had the real canary diamonds. That shit cost $40,000! I told Kanye, ‘Yo, you got to give that back when we get off this stage!'”

Reps from Ye’s camp tell the Daily News the story is “ridiculous and totally false.

Equally damaging is Jay’s former mentor during his “Hawaiian Sophie” days in the late 80’s addressing a bar that Jigga threw his way. On the Ludacris single, “I Do It For Hip-Hop,” Hovie pays tribute to classic hip-hop artists while giving Jaz-O a left-handed smack in saying, “Shout out to Grandmaster Flash and to Caz and even Jaz bum ass.

On a viral video released by TFTV, Jaz suggest he plans to respond by saying, “It’s just a matter of time, and not a whole lot of it. Them things gonna get flung out in the street. It’s gonna be everywhere and you know I know how to respond. “All that greatest rapper shit? C’mon, knock it off. I’m Jaz-O. Y’all niggas should know better. Ain’t no dollar amount that’s gonna ever, ever bring you up to even tying my motherfucking shoes.”

Should Jay-Z be worried? You be the judge! Speak on it in the comment section!

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