He is already worth an estimated $550million but it looks that Dr. Dre's bank account could soon be benefiting from a few extra zeroes.

The rapper, born and raised in the crime-ridden Compton district of south Los Angeles, has signalled that acquisition of his audio company, Beats Electronics, by smartphone giant Apple for a staggering $3.2billion has the green light.

In a string of videos posted on Instagram, the Aftermath hitmaker can be seen celebrating with his friends and Fast and Furious star Tyrese Gibson, leading fans to believe that the i's may have dotted and the t's already crossed.

"The first billionaire in hip hop right here from the m****F**** West Coast believe it" he tells that camera in one video before Gibson performs a celebratory dance by his side," he says in one of the various clips posted online.

Although Apple and Beats have not officially commented on the purchase, Gibson told fans that 'The Beats headphones just changed hip hop'.

"It's DRE Day For rel!!! #Billionnairecelebration!!!! How did I end up in the studio with Dr Dre on the night his deal went public that he did with Apple 3.2 Billion. The Beats headphones just changed hip hop," he captioned a short Instagram video.

Beats Electronics, which is best known for its oversized high-end headphones, was launched in 2008 by Dr. Dre, whose real name is Andre Romelle Young, and music producer Jimmy Iovine.

The company, which is worth an estimated $2 billion, has since been involved in a number of high-profile collaborations, most notably its partnership with HTC.

In 2011 the Taiwanese manufacturer brought a 50.1% stake in the company for $309million. But by 2013 the company had sold back its stakes in Beats.

The lucrative Apple deal would see 49-year-old Dre become hip hip's first ever billionaire, beating fellow moguls P Diddy and Jay Z to the punch.

Sean 'P Diddy' Combs, a rapper and actor who has own his on record label, fashion label has shares in Ciroc Vodka, is said to be worth $700m.

Roc Nations boss Shawn 'Jay Z' Carter, is married to Beyoncé, has sold millions of albums, and owns his own fashion label. He has an estimated $550 fortune.