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We are hearing rumors that the “2012 Hip Hop Honors” will be cancelled this year. Late last year, an inside source told us that the Honors would return – but it looks like those rumors have been squashed.

Our source revealed that they were trying to put the show together for 2012, which would be the final one, but all of their plans are falling through and it looks like they won’t be able to pull it off.

One can only hope they can get it together and work it out. There are still so many other people that need to be honored. People like Kool G Rap, EPMD, and of course, Jay-Z…who we hear actually refused to be honored. Who do you think deserves to be honored if the Honors do indeed come back?