Bolt, who dominated the sprinting field at this year's Games in London, picking up gold medals in the 100m and 200m, is undecided about his future but revealed to The Sun that he wants to use his fame for musical purposes.
Speaking about his plan with Ferdinand, Bolt said: "If we do this together we could take it to a new level."
Adding: “Not since Bob Marley have we had a musician famous all over the world — and believe me it’s nothing to do with lack of talent. Our musicians are as good as our sprinters.
“It just needs people with global fame like me and Rio to move things.”
Bolt is even keen to sort something with Rihanna, allowing her to shoot a video in his native Jamaica: “We could have a side part of the business that organised music videos for artists in Jamaica.
“If Rihanna wanted to film one I’d personally go and pick her up from the airport while Rio was at the beach overseeing the film crew!”
Meanwhile, Team GB's athletes have also become involved in the music industry - with Simon Cowell said to be desperate to have them appear on The X Factor as mentors.
Photos: Music stars at the Olympic closing ceremony