Rapper Sean "Diddy" Combs is said to be making a bid for struggling London soccer team Crystal Palace.

According to the Sun, Combs, 40, is planning to splash some of his reported 360 million pounds on the Selhurst Park side.

The bankrupt club is in chaos, facing relegation from the Coca-Cola Championship after having ten points docked for going into administration.

His U.K. spokesman has confirmed the multi-millionaire is in the market for Palace and also added that the New Yorker has his eye on another big club.

"Diddy was in London meeting football fixers a couple of weeks ago. The finance is in place, he's just deciding who he thinks he'll make a bid for," the Daily Telegraph quoted a source as saying.

"Portsmouth were mentioned but he thought Palace were a better idea.

"He could cover their debt and bankroll a return to the Premier League. He liked the name as well," the source added. (ANI)