Timberlake heads a consortium of investors in talks to snap up Elvis' Sun label and Otis Redding's former label Stax - as well as a huge recording complex.
The two firms would be added to the singer's own JayTee label - which he launched this summer (05).
RAY FLEMING of the Memphis Music Foundation says, "We love Justin. He's a native. It's very exciting to have someone of his significance participate in the music scene here."