Jay-Z and Kayne West are struggling to agree on plans for their joint tour, it has been reported.

The music stars are due to release their collaborative album entitled Watch the Throne on August 8 and will be announcing a series of live dates to showcase the material. However, the pair are believed to have different ideas on how to stage the concerts, with Kanye keen to create an extravaganza while Jay-Z is more concerned about finances.

"Jay-Z can't deal with Kanye," an insider told New York Post’s Page Six. "Jay is a stone-cold businessman. He wants to recoup all of his money from Live Nation. But Kanye wants to upstage rock stars with a blowout show. He doesn't care about costs. He has a lot less to gain from the shows."

According to sources, Kayne wants the concerts to have “next-level production” which could cost more than $400,000 per show.

It is hoped the pair can resolve their differences and Kanye will agree to the tour conditions next week.

Jay-Z and Kanye were expected to take to the stage together last week with Young Jeezy, but they chose to perform separately – much to the disappointment of the audience.

"We were expecting them to come out together to perform a track from the album," a source said. "They didn't even go out together after the show."

The pair will reportedly perform together at The Rose Planetarium in Central Park, New York, this evening.