Jay-Z and professional UK soccer/football player Ashley Cole are planning to set up an ultra-posh restaurant/nightclub in London.

The pair are currently looking at pricey properties in the Pall Mall area of the city for the venue, which will be called 40/40 (the same name as Jay’s U.S. nightclub chain).

Jay-Z already owns successful 40/40 clubs in 5 American cities, in addition to his multi-million dollar Rocawear clothing line, his part-ownership of the New Jersey Nets and his investments in a line of beautify products.

The restaurant/nightclub will employ unemployed young people and each month will donate some profits to various charities.

“This is the perfect way for Ashley to improve [Ashley’s] image,” a source said. “He’s aware his football career won’t last forever and this is the ideal way to launch into a new area of expertise. He knows that his reputation isn’t great and working with charities and disillusioned young people would help.”

Beyonce, Rihanna and several high-profile football players and other celebrities are being considered as options for the line-up of the club’s opening-night bash sometime next year.

In fact, anticipation for the opening of the club is so high, that stars are already requesting membership into the exclusive VIP club (which you is invitation only).

28-year-old Ashley Cole, who recently reconciled with ex wife Cheryl Cole, also signed a 9-figure deal with Jay-Z to open leisure and film-related projects. “There are talks of moving abroad, perhaps Barcelona,” an anonymous source told the UK’s Mirror.