Pop singer Justin Timberlake has planned to return to his home town Memphis where he is reportedly trying to buy Elvis Presley’s former recording studio and label.

The pop heartthrob has launched a multi-million dollar attempt to buy the King of Rock n Roll Elvis Presley’s old recording studio in Memphis in his bid to become a music magnate.

The 24-year-old who heads a group of investors in talks to snap up Elvis’ Sun label and Otis Redding’s legendary soul label Stax is even planning to set up a new, gigantic recording complex in the city. The two firms would be added to the singer’s own JayTee label, which he launched this summer (05).

A source said Timberlake - who is romancing Hollywood actress Cameron Diaz - is keen to move into the business side of the industry.

The insider said, “He is determined to transform himself from performer into businessman and has his heart set on the plans. He’s got a team of very wealthy investors on board to ensure his dream has every chance of becoming reality.”

“We love Justin. He’s a native. It’s very exciting to have someone of his significance participate in the music scene here,” Ray Fleming of the Memphis Music Foundation was quoted as saying.