It looks Dr. Dre might give P. Diddy a run for his money as he could be slated to top the Forbes list of hip hop's wealthiest artist.

On Friday, the legendary music producer announced that he will is "the first billionaire in hip hop" since Apple, Inc. is reportedly closing in on a $3.2 billion purchase of his company Beats Electronics, a high-end headphones and streaming music service, CNN Money reported.

"The first billionaire in hip hop right here from the motherf----n West Coast," Dre announced in a homemade video shot and posted by singer and actor Tyrese Gibson on Friday.

"Billionaire boys club for real homie," Gibson said in the video, according to Slate. "The Forbes list just changed. It came out like two weeks ago. They need to update the Forbes list!"

However, according to The Wire, Dre owns about 25 percent in Beats, which wouldn't quite be worth a $1 billion at the reported sale price. Nonetheless, the sale of his company still might push him to the top of the Forbes' wealthiest hip hop artists list, which is currently ruled by Bad Boy CEO P. Diddy. Thanks to his new TV network, Revolt TV, and his ongoing deal with Ciroc, Diddy's net worth equates to $700 million.

As of now, Dre comes in second place on the list with a net worth of $550 million.

Right behind him is Brooklyn-born mogul Jay-Z, whose net worth is $520 million, mostly because of the sale of his Rocawear clothing line in 2007, which sold for $204 million.

Number four on the list is YMCMB head honcho Birdman with $160 million, followed by 50 Cent, who's amassed a $140 million fortune.