HOLLYWOOD, Calif. — Swizz Beatz is setting the record straight when it comes to rumors that he'll marry Alicia Keys this weekend in a lavish wedding on a yacht.

"The wedding is not this week," the rapper and producer assured People magazine Wednesday at the New Music Seminar in New York City. "People are very creative [with gossip], but it's cool. We have fun with this stuff. [The rumors are that] we're taking a boat to do this and we're like, 'Man, who's paying for that?' "

Swizz Beatz, 31, and Keys, 29, revealed their plans to marry back in May when they also announced the impending birth of their first child together.

"Alicia is definitely one of those great parents-to-be. I'm definitely one of those great parents as well," said Swizz Beatz, who has two sons, Kaseem Jr., 3, and Prince Nasir, 9, from previous relationships.

So does the happy couple know the sex of their first baby together?

"We don't know. We're just going to let that be magical," said Swizz Beatz. "Whatever we're blessed with, boy, girl, twins, that baby is being born to blessed parents."