Foxy Brown allegedy said Jay-Z was a gonorrhea-infected "tranny chaser". Now, Brown claims she never was overheard gossiping to friends about Jay-Z. She's threatening to sue over the racy report.

Insider reports state that Foxy was at a baby shower, gabbing with her gal pals and dishing about their sex life. Supposedly, Jay-Z is on the downlow and frequently hooks up with other guys. Brown said he was even a tranny chaser. There are tons of other juicy details - but she's reneging them all, and calling the allegations "disgusting and disrespectful".

Brown also allegedly told her friends that she lost her virginity to Jay-Z when she was just 15 and he was 27. Which, incidentally, dials "cradle robbing" all the way up to the "statutory rape" level.

But now, Foxy Brown is backpedaling on the claims, saying someone made them all up. "The atrociousness of this story sickened me to my stomach. Any and everyone involved will be contacted by my attorney."

"This disrespect will NOT be tolerated," Brown wrote.

The story does sound kind of implausible - other details include a raunchy sex tape and an STD that was kept secret. Or it's just crazy enough to be totally true.

Foxy slammed the report, saying "In all my years in the music industry, these are the most disgusting and disrespectful allegations I've ever experienced. This fictitious story ... with NO audio, visual or written interview, clearly was concocted with malicious intent."

"Jay has only been wonderful to me and my family, a great friend throughout all the years I've known him and we had nothing but great success as a team."

She even had nice things to say about Beyoncé, saying, "Beyoncé, his wife, has always been gracious and sweet to me ... I will NOT let any undercover hater create discord and disrespect my name and reputation."

Hmm. The jury's still out on whether the secret source can come up with any evidence on the convo at the baby shower or of Jay-Z's tranny chasing - but Brown's clearly not happy...and if nobody coughs up any evidence, somebody's probably gonna get taken to the cleaners in court.