"We were saying Diddy's kind of the McLovin of 'Get Him to the Greek,' " co-star Jonah Hill told MTV News last month.

"As a man with one skill, I was annoyed that he was also funny," producer Judd Apatow added.

That's high praise coming from two of Hollywood's most in-demand comedic talents, and after Diddy's turns in "Greek" and on Broadway in "A Raisin in the Sun," Hill and Apatow aren't the only ones taking notice of the mogul's burgeoning acting abilities. Hours before taping an episode of James Lipton's "Inside the Actors Studio," Diddy spoke with MTV News about agreeing to appear on the show, and how he's gaining confidence as an actor after a decade in front of the camera.

"[Lipton has] been calling me for the last three years to do it, and I was kind of nervous and said, 'I'm not at that level,' " Diddy said. "I'm looking at Meryl Streep up there, and Scorsese, Al Pacino and Denzel and Chris Rock. He was saying he wanted to take it from a different perspective of somebody on the rise. I appreciated that. After doing Broadway and now with 'Get Him to the Greek' coming out ... the time is right."

And it's been a long time coming. Diddy first turned heads in 2001 for his nuanced performance as a death-row inmate in the Oscar-winning "Monster's Ball." By the time he hit Broadway in 2004 in the gut-wrenching revival of "A Raisin in the Sun" (later turned into an ABC movie), it was no secret the guy could act. Now as a kooky record-label boss in "Greek," Diddy has turned his attention to getting laughs.

"It was definitely challenging, but I had a breakthrough in this new movie," he explained. "I have to admit, I just let go in this new movie, and I showed my ass, people! It's funny."

Diddy's episode of "Actors Studio" is set to air on May 25, the week before "Greek" hits theaters on June 4.

"I still have fears, I still have insecurities," he said. "I'm not the greatest actor in the world, but I'm on my way to greatness!"