Puma has made waves over the past few days by signing former Duke star and projected lottery pick Marvin Bagley III to the biggest shoe deal since Kevin Durant signed with Nike in 2007. On Monday, just three days before the NBA Draft, it signed projected No. 1 overall pick DeAndre Ayton to a shoe deal. Finally, it honored Walt "Clyde" Frazier -- the company's partner for its first signature shoe in 1973 -- with a lifetime contract.

The company is apparently capitalizing on that momentum, and will reportedly hire Jay-Z to be the face of the brand's movement into basketball.

(UPDATE: ESPN's Darren Rovell has refuted Complex's report that Jay-Z will be the company's president of basketball ops, instead reporting that he'll serve as a creative director.)

Jay is no stranger to the basketball or the world of shoe apparel. He had a 2003 Reebok collection called the "S. Carter Collection," he was a part-owner of the Brooklyn Nets until he opened up the Roc Nation Sports Agency, he was an executive producer on NBA 2K13, and he and Damon Dash founded Rocawear.

Puma is taking its return to the sport seriously, adding the Twitter handle "@PUMAHoops."

Honoring Frazier is also a shrewd move on Puma's part. Much like Jay is no stranger to this realm, Puma has been around the NBA before. Its first signature shoe was the now-iconic Puma Clyde, a lowtop that stands as one of the most recognizable shoes in basketball. Puma is clearly looking to ride the new wave with the likes of Bagley and Ayton. However, it's making it clear that it isn't getting in on the ground level.