P. Diddy is planning to follow the millionaire trend and buy a British soccer team.

The rapper is reportedly making moves to invest in struggling London club Crystal Palace, which is currently facing bankruptcy, but is also looking at other sports teams in need of a major cash injection.

A source told The Sun newspaper: "Diddy was in London meeting football fixers a couple of weeks ago. The finance is in place, he's just deciding who he thinks he'll make a bid for.

"Portsmouth – who are also in severe debt - were mentioned but he thought Palace were a better idea.

"He could cover their debt and bankroll a return to the Premier League. He liked the name as well."

Diddy’s spokesperson confirmed he is looking to invest in a soccer team, but did not confirm if Crystal Palace were his current favourite.

The 40-year-old star is thought to be worth almost $550 million and has shown on many occasions that he’s happy to splash the cash. But, even his wealth may be a bot short of the mark required to buy success in the English football leagues…

Photos: Elite