Jay-Z‘s Blueprint 3 won’t hit shelves until early 2009 [click to read], but his former business partner and mentor are keeping his name in the news by fanning the flames of separate feuds from a few years ago. The New York Daily News claims to have a transcript of former Roc-A-Fella co-CEO Damon Dash‘s upcoming interview with Complex magazine. In the interview, which is scheduled to run online Wednesday, Dash allegedly takes a jab at his former business partner, by suggesting there’s a simmering feud between Jay-Z and Kanye West. The report says Dash cites a 2003 concert in Chicago, where West was to be presented with his own Roc-A-Fella chain and medallion.

The transcript alleges Dash said the following:

“This nigga [Kanye] was like, ‘Wow. [Jay-Z] ain’t going to give me the chain.’ I had to take off my chain and give it to him, and I was heated. I had the real canary diamonds. That shit cost $40,000! I told Kanye, ‘Yo, you got to give that back when we get off this stage!'”

Reps from Kanye‘s camp tell the Daily News the story is “ridiculous and totally false.”

Meanwhile, Jaz-O, who mentored Jay-Z during his “Hawaiian Sophie” days in the late ’80’s, has re-emerged to address a bar thrown his way. On the Ludacris single “I Do It for Hip Hop,” [click to listen] Jay-Z pays tribute to classic Hip Hop artists while giving Jaz-O a left-handed compliment saying, “Shout out to Grandmaster Flash and to Caz/and even Jaz bum ass.”

On a viral video released by TFTV [click to watch], Jaz-O suggests he plans to respond saying, “It’s just a matter of time, and not a whole lot of it. Them things gonna get flung out in the street. It’s gonna be everywhere, and you know I know how to respond.”

“I let my work speak for itself,” Jaz-O added, when prodded by Dex Flex to be more specific. “Don’t try to play me, because you can’t fuck with me. All that greatest rapper shit? C’mon, knock it off. I’m Jaz-O. Y’all niggas should know better. Ain’t no dollar amount that’s gonna ever, ever bring you up to even tying my motherfucking shoes.”

Reported by Rashad Phillips.