Diddy and DJ Khaled are deep in negotiations with FOX for a new talent competition show, "The Four," and this one's different from all the rest.

Sources familiar with the situation tell TMZ, neither of them have signed but negotiations are far along.

We're told there will be 4 judges -- Diddy is the mogul, DJ Khaled is the producer ... there will also be a songwriter, and the 4th judge will be a performer. At least one of the remaining 2 spots will be a woman.

The centerpiece of the show will be contemporary pop with an emphasis on hip-hop. It will be an ongoing battle, with new competitors trying to knock out the front-runners. In the end, the winner will get the entire judge's panel behind them to launch their career -- a mogul, a producer, a songwriter, and someone to perform onstage with.

No word on when the show will premiere, but it sounds different ... and interesting.