Rumors are rampant that Jay-Z and Beyonce Knowles will exchange wedding vows in New York today after gossips learned the rapper has cleared his busy schedule for the day.

Jay-Z has performances with Mary J. Blige in Massachusetts on Thursday night and North Carolina on Saturday – but nothing on Friday.

And New York news organizations are reporting Knowles is currently in the Big Apple, together with her mother Tina and former Destiny’s Child bandmate Michelle Williams.

Jay-Z and Knowles successfully applied for a wedding license in Scarsdale, New York on Tuesday, and they have 60 days from that date to exchange vows – before the paperwork deadline expires. The latest rumors come just a day after Jay-Z staged an alleged bachelor party in Toronto, Canada. Representatives for both stars are refusing to confirm or deny marriage reports.

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WENN

Pictured: Pink (above), Beyonce, Brad Paisley and wife Kimberly Williams, Carrie Underwood, Chris Brown, Chris Daughtry and wife, Jay-Z, J.C. Chasez, John Mayer, Kat Von D, Kelis, Michelle Willams, Petra Nemcova & Tia Carrere

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Rapper Shawn Carter (a.k.a. Jay-Z) will step down from his position as the president of Def Jam Records at the end of the year, when his contract expires. ”Now it’s time for me to take on new challenges,” said the 38-year-old artist in a statement. The Universal Music Group, which owns Def Jam, has made no announcement of a replacement. Jay-Z has been in the job since 2005. During his tenure, the label has had hits from Kanye West and Rihanna; Jay-Z’s own 2006 album, Kingdom Come, moved 1.5 million units. But Def Jam has also been hit by a general music-business malaise, as seen in the slow sales of Jay-Z’s most recent endeavor, American Gangster, which sold just 784,000 copies. The artist will continue to record for the label and is said to be looking to focus more attention on his other businesses, including the 40/40 Club chain of high-end sports bars.

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Jay-Z has agreed to help soft drinks giant Coca-Cola relaunch its Cherry Coke line.

The 99 Problems star’s Rocawear firm will design the new Cherry Coke can and the product’s TV commercials, and Jay-Z will appear at its February 7th relaunch at New York Fashion Week.

Rocawear’s Jameel Spencer says, “Besides just recording, he’s making TV commercials and campaigns for brands… who is better than Coke?

“They’re the biggest. His role is helping brands not get it wrong the way McDonald’s did with African-Americans rapping about French fries.

“There’s a reassurance that they won’t appear like an out-of-touch uncle trying to act cool.”

Coca-Cola will be hoping the Cherry Coke relaunch will be more fruitful than the last – the drink has been relaunched three times since its debut in 1985 due to flagging sales, reports AllHipHop.com.