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Kanye West to Buy Elvis Presley's Graceland Mansion for Kim Kardashian? (PHOTO)

Kanye West is reportedly interested in purchasing the late Elvis Presley's Graceland mansion for the mother of his child, Kim Kardashian.

The "New Slaves" rapper and alleged Elvis fan, 36, is reportedly prepared to drop in excess of $80 million on the 13 acre property, which currently serves as a museum in Memphis, Tennessee. West has reportedly also considered living inside the mansion with Kardashian, 32, and their 6-week-old baby North.

"There have been constant whispers that it's due to go on the market, as long as it stays open to the public and as a place for Elvis fans to visit," a source told the Daily Star.

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"Kanye is really excited about the possibility of owning it. He thinks it would be really cool if he, Kim and baby Nori lived there, at least some of the time," the source explained.

The famous property has been open to the public since 1982. It reportedly attracts 500,000 visitors every year.

"Kanye has always been intrigued by Elvis, especially his influence in bringing blues and gospel music to the masses," the source said adding "Kanye thinks owning Graceland and restoring it to its former glory would cement his place in showbiz history."

The report comes days after it was revealed that West, who purchased an $11 million Bel Air mansion with Kardashian in February, is gearing up to spend millions on the interior renovations.

"They expect the interior to cost twice as much as the property. They're spending more than a million on a security system alone," a source told The Sun UK.

In addition to spending $750,000 on four brand new gold plated toilets, the couple-of-one-year reportedly dropped more than $1 million on luxury bedding. West reportedly ordered six special-edition beds from the same company that supplies London's Savoy Hotel.

The wealthy pair allegedly also spent more than $750,000 on Electrolux, which is Swedish household appliance manufacturer, goods and a Swarovski-encrusted fridge freezer.

The reality TV star and rapper's 14,000 square-foot Italian-style home reportedly features a custom gym; movie theater; full hair and makeup salon; bowling alley; basketball court; and both an indoor and outdoor pool, according to TMZ.com.

"It's so exciting for them," a source told People magazine. "The house is gorgeous. And they really wanted and needed the privacy."

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