Sources familiar with the situation tell TMZ, neither of them have signed but negotiations are far along.
We're told there will be 4 judges -- Diddy is the mogul, DJ Khaled is the producer ... there will also be a songwriter, and the 4th judge will be a performer. At least one of the remaining 2 spots will be a woman.
The centerpiece of the show will be contemporary pop with an emphasis on hip-hop. It will be an ongoing battle, with new competitors trying to knock out the front-runners. In the end, the winner will get the entire judges panel behind them to launch their career -- a mogul, a producer, a songwriter, and someone to perform onstage with.
No word on when the show will premiere, but it sounds different ... and interesting.