Jay-Z refuses to hit back at Cam'ron over his 'dis track' which brands the 99 PROBLEMS rapper "ugly" and even brings the hip-hop mogul's long-term love Beyonce Knowles into the mix.

Jay-Z - real name SHAWN CARTER - insists Cam'ron only wrote GOTTA LOVE IT in a bid to gain notoriety and boost his album sales, and he won't help him by retaliating.

He tells MTV, "My thing is, it's such an obvious ploy for attention and to get people to talk about it and for Cam to sell albums.

"I'm torn... I feel like I would be stupid to even pay that any attention, because it's such a ploy. N**gas is holding press conferences behind (the dis record)...

"That's not even a good dis record. That s**t is trash. I'm torn. We'll see what happens. Maybe on my time we'll deal with it, but I'm not really pressed.

"I'm inspired by good artistic s**t. Cam's s**t is not artistic. There's nothing good about it. Everything about it is an obvious ploy to get attention. Nobody wants to get used."

After hearing Jay-Z's comments, Cam'ron staged a hasty press conference in New York to announce he'd be dropping the verbal attacks, but he'd welcome comeback from the rap heavyweight.