He's No. 1, 2, 3 and Fancy-Free

Jimmy Iovine, head of Vivendi Universal's Interscope Group, is riding high this week, with the nation's three bestselling albums.

Now the smart money is asking: Will his next trick be to change horses?

For months, industry insiders have been watching for a sign that Iovine -- among the record world's most highly regarded executives -- is ready to bolt when his contract with Interscope expires in January.

Any such move would jolt the French media giant as it struggles to sell and reorder entertainment assets and might set off an industrywide executive shuffle.

Preoccupied with the anticipated sale of their massive movie and TV operations, Vivendi Universal brass have yet to reach a new agreement with the Interscope chief, despite talks that are widely believed to have included a proposal under which he would receive a stake in the label.

People familiar with the talks say the French company has found it difficult to make a rich new deal with even an executive as well-regarded as Iovine at a time when record sales are plunging worldwide.

Vivendi Universal executives declined to comment on the discussions.

And Iovine said only: "It isn't like they haven't made me an offer.... I'm going to do everything I can to stay here. I love Interscope. I care about this company and our artists and employees."

But competitors already are positioning for a shot at an executive who has defied industry weakness by spinning hits from artists such as Dr. Dre, Eminem, 50 Cent, No Doubt, U2 and Tupac Shakur.

"Jimmy is the hottest record executive in America with the shortest time on his contract. That's a hand with four aces," said entertainment impresario David Geffen, who years ago sold Universal one of the record operations now overseen by Iovine.

Geffen believes it unlikely that Iovine will leave. But if he does: "All the stars are aligned in Jimmy's favor. He'll not only land on his feet, but surrounded by roses."

At the moment, Iovine dominates the record charts with top-selling albums from shock pop star Marilyn Manson, rapper 50 Cent and rock band Cold -- acts released by Interscope and its affiliated Geffen and Shady/Aftermath labels. Interscope is the only company to hold the top three slots on the pop chart twice in the last 13 years, according to Nielsen SoundScan.