The `99 Problems` rapper is keen to seal the deal for the land mass in North Abaco, a district in the Bahamas, so he can holiday in peace with his wife Beyonce and their 15-month-old daughter Blue Ivy.
A source said: "Jay`s been looking for a private island for the family.
"He`s getting it partly to mark their fifth wedding anniversary but also, with Bey back in the spotlight, it`s getting impossible for them to do normal things such as go to the beach with Blue.
"A private island means they`ll be able to have quality time with minimum staff and security."
The 43-year-old star is said to be keen to follow in the footsteps of Sir Richard Branson - who owns 74-acre British Virgin Islands land mass Necker Island, which he spent a reported $10 million turning into a private retreat - but Jay`s isle, a short flight from Miami, is said to have poor phone reception and no satellite TV.
The source added to The Sun newspaper: "He wants to turn it into his own Necker Island like Richard Branson."
Earlier this month, Jay and Beyonce jetted off to Caribbean island Cuba - which the US has a long-standing trade embargo against that prevents its citizens from visiting the country - to celebrate their fifth anniversary, but the jaunt sparked controversy among fellow Americans.
However, it was later revealed their visit was approved by government officials and the Treasury Department because it was a "cultural trip".
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Russian News
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