He said: “Give me a chance. Maybe in eight years, I'll be the president.”
And he's not kidding! But in the meanwhile, he's coming to Obama's defense telling BBC Newsbeat, “In order to judge someone, you have to judge what they inherit. [Obama] inherited the worst economy, war, just a horrible time in American history. So if we think he can solve that, I mean, we don't think he's God, do we?
"He's a human being. He's going to need time to figure that out. In order to get to that sort of success and that dream, you have to go through some peaks and valleys. It's been two years."
Jay Z is one of the most famous rappers on the planet, but he's still shocked that people like Obama and Bill Clinton know who he is. He added, "It's unbelievable because it's so far away from where I come from. We were the kids who were ignored by every politician. We didn't have the numbers, the vote, to put anybody in office, because no matter who was in the office, we didn't think that it would affect change where we lived. So nobody went out and voted.
"For me, being with Obama or having dinner with Bill Clinton is crazy. It's mind-blowing, because where I come from is just another world. We were just ignored by politicians - by America in general."
J Hova 2010 anyone?