NEW YORK (CNN/Money) - After closely aligning itself with the record label Island Def Jam, The Inc. -- a hip-hop brand known for such superstars as Ashanti and Ja Rule -- may soon find itself looking for a new business partner, according to a published report Monday.

Island Def Jam is looking to sever ties with the rap label and its owner, Irv Gotti, as the hip-hop impresario faces federal money laundering charges and lackluster sales of its hottest artists, the New York Post reported Monday.

Gotti, whose real last name is Lorenzo, has reportedly approached other labels such as EMI and Warner Music in the hopes of forming a new partnership, although no label has committed to a joint venture with The Inc.

Federal prosecutors indicted Gotti, and his sibling business partner Christopher Lorenzo, in January on money laundering charges, claiming they funneled more than $1 million in drug money through their music business. The brothers were released on $1 million in bond.

Record sales for The Inc., which was known as Murder Inc. until 2003, have stalled recently. Ja Rule's latest album "R.U.L.E." made a less than impressive showing, selling only 630,000 copies and Ashanti's "Concrete Rose" only sold 804,000 copies, according to the paper.

If the Def Jam-The Inc. partnership dissolves, the two artists are still bound to providing Def Jam with one more album each, the Post reported.

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