Rap fans waiting for the other shoe to drop on the Nas-Jay-Z ceasefire got what they wanted today.

Three months after the acclaimed rappers squashed their long-running beef at a concert in New Jersey, the The New York Times reported today that Nas has signed a record deal with Def Jam, the label for whom Jay-Z serves as president.

Citing music industry executives involved in the negotiations, the Times said the deal calls for Nas's longtime record company, Sony Music, and Def Jam to split the profits--or any loss--from his next two albums, with Def Jam to lay out the cost of producing and marketing the recordings. The two companies will jointly plan and oversee the albums' marketing campaigns.

The agreement will pay Nas about $3 million, including a recording budget, for each of the first two albums, and provides for two additional albums with Def Jam.

Sony also retains the right to release a Nas greatest hits album.

The first album of the deal is expected to contain a collaboration between Jay-Z and Nas, long regarded as the two of the greatest rap artists of all time.

The deal comes three months after the rappers staged one of the most surprising public truces in the history of hip-hop, particularly given the title of the Jay-Z's portion of the concert at which it occurred, "I Declare War." At the Power 105.1 Powerhouse show at the Continental Airlines Arena in New Jersey in late October, Jay-Z brought out Nas during his set to a stunned audience.

Jay-Z prefaced Nas' emergence onto the stage with, "All that beef sh** is done, we had our fun... Let's get this money."

Throughout his performance, Jay-Z and company celebrated coming together and ending unnecessary conflict. "This is for hip-hop," the rapper proclaimed. "We love y'all!"

Afterwards, the two rappers stood side by side for nearly two minutes as the crowd cheered.

Nas has sold more than 11 million albums since the debut of his 1994 album, Illmatic. His most recent release, 2004's Street's Disciple, sold an estimated 687,000 copies.

The reconciliation and subsequent record deal makes Nas' next album one of hip-hop's most anticipated records of the year.