Puff Daddy Taps R. Kelly, Jay-Z, Nas For New Album

Hip-hop impresario Puffy Combs has become a familiar sight everywhere from the polo fields of Long Island to the Oscar salons of Hollywood since his last album, 1997's "No Way Out."

Now Puff Daddy is working on a new album set to drop this summer, and when MTV News' Chris Connelly caught up with Combs and rapper Nas at one of the big post-Academy Awards parties, Puffy talked about the record's progress.

"[It's] coming real good," Combs said of the project, "we have R. Kelly on the album, Nancy Wilson, we have Jay-Z, we have Nas. It's going to be kind of sick, you know what I'm saying?"

"You hoping to get it out by fourth quarter maybe, by Christmastime or before that," Connelly asked.

"No, it's going to be out the last weekend of August, so check for it," Puffy announced. "You all have the exclusive right here. I'm coming back, you know, and if you don't like [the new record], I'll give you your money back."

As we previously reported (see "Bad Boy Readies New Albums From Puff Daddy, Mase, And Biggie"), Puffy is gearing his Bad Boy record label up for a big year with albums due from both his protege, Mase, as well as his late friend, the Notorious B.I.G.