It looks as if Sean “P. Diddy” Combs’ distribution deal with Arista Records is coming to a close, and like any big-name player on the market, he’s trying to get the best new contract possible for Bad Boy Records.

“I’m finishing my deal with Arista, and I’m about to be a free agent,” P. Diddy told Launch backstage at the American Music Awards. “It’s about to be as if Michael Jordan was, you know, available. And we are really going to see how that thing goes down.”

P. Diddy co-hosted the awards show with Jenny McCarthy and also performed “Bad Boy For Life” and “Lights, Camera, Action!” with Snoop Dogg, Mr. Cheeks and Lil’ Bow Wow.