Rap mogul Master P and former basketball player Baron Davis are in talks to buy sportswear company Reebok for $2.4 billion.

The pair has entered into negotiations with parent company Adidas to acquire the brand, according to Forbes.

Adidas executives purchased Reebok for $3.8 billion in 2005, but they haven't had the success they had hoped for.

Master P, real name Percy Robert Miller, has confirmed the news to ESPN, stating: "These companies have been benefiting off us, this could be history for this company going black-owned...

"Imagine if Michael Jordan owned Reebok? That’s what I’m talking about making history. As we focus on turning Reebok into a lifestyle brand not just a basketball brand, our most important initiative will be to put money back into the community that built this company," the rapper and producer added.

He also took to social media to share his vision for the sportswear giant, and said his business decision was inspired by former Philadelphia 76ers basketball player Allen Iverson.

“Crown @alleniverson and give him his righteous icon status for being probably the most elite athlete wearing Reebok,” the 50-year-old wrote. “Allen Iverson is Jordan for Reebok. Nobody never gave him the royalties or ownership as the icon for the brand."

Master P is estimated to be worth around $200 million (£148 million), and is the founder of record label No Limit Records, home to hip hop artists including Snoop Dogg and Mystikal.