Will Jay-Z actually represent clients of his newly created sports agency, Roc Nation Sports, in contract negotiations?

That's a possibility in the future as Jay-Z is now licensed to work as an agent for NBA and MLB players.

Ron Berkowitz, a spokesman for Roc Nation Sports, confirmed to ESPN.com that, as of this week, Jay-Z is now licensed to work as an NBA agent. Juan Perez, president of Roc Nation Sports, also is now certified with the National Basketball Players Association.

And MLB Players Association spokesman Greg Bouris told ESPN.com on Thursday that Jay-Z is also now licensed for MLB.

The news was earlier reported by the Sports Business Journal.

What's not clear is how soon Jay-Z can represent players. A source close to the situation said that, as of Wednesday, the hip-hop mogul had not sold his small ownership share (less than 1 percent) of the Brooklyn Nets.

Industry speculation is Jay-Z might be able to sign players as long as he agrees to pass off his share of the Nets in the near future. Owners of NBA teams cannot represent players.

The first NBA player Jay-Z is expected to sign is Oklahoma City Thunder star Kevin Durant, who told his agent, Rob Pelinka, in recent days that he would sign with Jay-Z. Durant has not commented publicly.

Since announcing his intention to start a sports agency a few months ago, Jay-Z's firm has signed New York Yankees second baseman Robinson Cano, New York Jets quarterback Geno Smith and former Notre Dame guard Skylar Diggins, who recently was selected third by the Tulsa Shock in the WNBA draft.

Roc Nation partnered with Creative Artists Agency to do Cano's contract negotiations since the company doesn't have an MLB agent on its roster. Smith's contract will be negotiated by Kim Miale, Roc Nation's new NFL agent who has very little experience.