P. Diddy may be punching out.

But banish the thought of a condo in Boca, early-bird dinners and orthopedic footwear.

The 34-year-old music mogul is merely considering calling it quits as a solo artist after his upcoming album, PD5, hits stores this fall.

"I don't want nobody to just go crazy or nothing," Diddy, aka Sean Combs, told MTV recently. "It's not going to be as dramatic or traumatic as Jay-Z retiring."

Indeed, the Bad Boy CEO still has plenty of ventures to keep him busy, only future projects are unlikely to take place in front of a mike.

"I got a chance to have my dream come true, and I wanted to make sure I made the decision as to when I dropped my last album," he said. "If I don't feel like this album is an incredible piece of work, then I'm cool with the albums I've done. I don't have to put out another album."

However, a spokesperson for his record label said the retirement report is not official. "It's nothing to take seriously as of yet."

Diddy began his career as an intern for the now defunct Uptown Records and later made a name for himself producing Mary J. Blige's debut album, What's the 411? The rap mogul, then known simply as "Puffy," went on to turn Notorious B.I.G., Faith Evans and--of course--himself into multiplatinum superstars.

His 1997 debut album, No Way Out, released when his nickname was "Puff Daddy," won two Grammys, including Best Rap Album of the year.

Seven years later, the multi-monikered one may ready to call it quits with PD5, which, despite the title, is the hip-hopsters fourth studio album, excluding the Bad Boy remix collection We Invented the Remix.

But even as Diddy puts the finishing touches on his potential swan song, the street-savvy entertainer-entrepreneur continues to dream up new ways to reach the masses.

Already, the record company honcho is the owner of several restaurants and the force behind the Sean John clothing line, which will soon introduce a women's line and open a flagship store on Fifth Avenue in New York. He's starred in two features, Made and Monster's Ball, and has a role in the upcoming HBO movie Love in Vain.

Then there's his imminent stage debut in the Broadway revival of A Raisin in the Sun. Diddy's signed on to play the lead role of Walter Lee Younger, originated by Sidney Poitier on Broadway in 1959 and reprised in the 1961 film version.

Currently in rehearsals for the play's April 26 opening, Diddy said this gig's a real challenge.

"I was saying the other day I would rather run another marathon. I never imagined how hard it would be and how hard it's been," he said. "I have so much respect for people in the theater. You can't do 10 or 15 takes. It's all live. It's like life in motion."

Meanwhile, Bad Boy marked its 10th anniversary Tuesday with the release of a compilation album, Bad Boy's 10th Anniversary: The Hits, dedicated to the label's larger-than-life artist Biggie Smalls. The date coincides with the seven-year anniversary of the rapper's death.