The American Idol judge is said to be negotiating a deal to work with the singer, according to The Hollywood Reporter.
Carey was previously signed to Chris Lighty's Violator Entertainment, who also represent the likes of 50 Cent, LL Cool J and Soulja Boy.
Jackson has produced, co-written and recorded with Carey, playing bass guitar for the singer on albums and on tour.
He most recently produced her festive album Merry Christmas II You, released in 2010.
He also accompanied Carey to the video shoot for her 'All I Want for Christmas is You' duet with Justin Bieber.
Randy Jackson is currently developing his own daytime talk show.
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