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Looks like since being dropped from Sony Records after flopping with her last two singles, “Fresh Out the Oven” and “Louboutins” it appears that Jenny ‘from the block’ may have a new recording home…with Def Jam!?!?

Yup J. Lo’s going the house that Russell built…Def Jam seems to be developing a habit of picking big name R&B divas after being dropped from their previous labels, such as Mariah Carey, Janet Jackson and even Patti Labelle at one point. We’ ll see how this one turns out.

More details after the jump According to NY Daily News:

After splitting with Sony in February, Jennifer Lopez is this close to signing with a new record company.

“Def Jam label group will be the new home of Jennifer Lopez,” her manager, Benny Medina, told us Thursday, while a rep for Def Jam didn’t confirm the news by deadline.

“People are saying that Jennifer is past her prime and her best work is behind her,” says a source at a major record company, who asked to remain anonymous.

Indeed, her last two singles, “Fresh Out the Oven” and “Louboutins,” flopped on the charts.

Adds another music insider: “Jennifer has fallen between the cracks of the music business. She’s too old to play the cute little dance dolly, and she’s not skilled enough as an artist to sing serious ballads. So what can she do?”

Medina wouldn’t comment on the out-of-tune “Enough Is Enough” clip, but he did offer that Jenny has “already started working on” her next album.

So can J.Lo really make a successful comeback?

A third source in the industry offered that Lopez needed to leave Sony because she was on a steady “downhill spiral” (complete with her infamous stumble at the American Music Awards last November), but that Def Jam could help revamp her image.

“She definitely needed a change,” the insider observes. “So maybe this is the fresh start that will get her back in action.”

But our first source isn’t biting the bait.

“At this point, she just isn’t going to have another ‘Waiting for Tonight,’?” the naysayer insists. “And signing with a new label isn’t going to change that.”

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