AceShowbiz - 50 Cent has shot down reports he's signed a new deal with Capitol Records, branding label executive Craig Davis an "idiot" for spreading the erroneous news last week. The "In Da Club" hitmaker, real name Curtis Jackson, was alleged to have quit his longterm home at Interscope and defected to Capitol, taking his rap crew G-Unit with him.

Capitol boss Davis appeared to confirm the news when he told a radio interviewer, "50 felt he needed to get out of the Interscope machine, and he wanted a change. So he got his release from there and we were in negotiations with him. The deal just got signed very recently."

But 50 Cent is baffled by Davis' claims - because he has yet to decide on his next move. And he's convinced the Capitol Records head was intoxicated when he boasted about his alleged new signing. 50 says, "He (Davis) is an idiot and there's no deal done. Out of nowhere he comes out, and you can tell he's drunk or some s**t."

The hip-hop star also hints he's keen to resign with Interscope, adding, "All the success I've had has been with Interscope." Interscope Records is home to 50 Cent's mentor Eminem, and their superproducer pal Dr. Dre.