Jay-Z's company S. Carter Enterprises is said to have filed documents to trademark the Jaybo character from his music video 'The Story of O.J.'.
The 48-year-old rapper's company S. Carter Enterprises is said to have made the move with the intention of putting the animated character on merchandise such as T-shirts and hats, as well as mugs and cocktail shakers, according to gossip website TMZ.
Jay's song references racism and stereotypes, and the '99 Problems' hitmaker previously insisted it is about planning for the future.
He said: "'The Story of OJ' is really a song about we as a culture, having a plan, how we're gonna push this forward.
"We all make money, and then we all lose money, as artists especially. But how, when you have some type of success, to transform that into something bigger."
The song is up for three Grammy Awards later this month, Record of the Year, Best Rap Song and Best Music Video, with Jay also receiving another five nominations.
His eight nods gave him a total of 74 nominations - putt him tied with Stevie Wonder as the third most-nominated artist in Grammys history - and he has won 21 of the gongs.
Jay previously admitted he is going to teach his kids, six-year-old daughter Blue Ivy and six-month-old twins Rumi and Sir - who he shares with wife Beyonce - about his background, and will ensure they grow up to be "compassionate".
When asked how he will make sure his children understand the world he grew up in, the 'Empire State of Mind' hitmaker said: "There's a delicate balance to that, right? Because you have to educate your children on the world as it exists today and how it got to that space, but my child doesn't need the same tools that I needed growing up.
"I needed certain tools to survive my area that my child doesn't need. They're growing up in a different environment.
"But also they have to know their history. Have a sense of what it took to get to this place. And have compassion for others.
"The most important thing I think out of all this is to teach compassion and to identify with everyone's struggle and to know these people made these sacrifices for us to be where we are and to push that forward - for us.
"I believe that's the most important thing to show them, because they don't have to know things that I knew growing up. Like being tough."