AllHipHop.com has received an exclusive report that Atlanta-based producer Jermaine Dupri’s tenure as President of Island Records Urban Music has come to an end. A formal announcement of his departure from the position, which he has held for nearly two years, may come as early as Thursday (Jan 8).

Speaking on condition of anonymity, a source close to the situation confirmed to AllHipHop.com that Dupri has in fact been terminated effective immediately.

The Island Records Urban Division was created within the Island Def Jam Music Group a short time prior to Dupri’s hiring in February 2007. In the position, he oversaw the label’s entire urban music operations, reporting directly to label Chairman Antonio “L.A.” Reid and Steve Bartells, President of Island Music and COO of the Island Def Jam Music Group.

Having enjoyed tremendous success with Island Records songbird Mariah Carey on The Emancipation of Mimi, Dupri’s duties also included providing production for the Music Group’s entire roster.

In April 2008, Island/Def Jam announced the creation of TAG Records, a new venture with Procter & Gamble’s TAG brand to be helmed by Dupri. The partnership created a new marketing module that allowed for new talent, like So So Def/TAG artist Q, to be cross-promoted in conjunction with TAG body sprays through print, television, radio, and digital advertising.

No word on how Dupri’s departure will affect TAG Records, nor the roster of artists on So So Def, which has been distributed through Island Urban since 2007.