BuzzFeed Life went on a fact finding mission by contacting experts to check the validity of the clai.
The rapper has apparently flown the large number of people over to the South of France and plans to party with them at several prestigious events associated with the annual bash.
The executive producer of Oscar-winning documentary 'Undefeated' is known for the huge amounts of money he usually spends in Cannes and so organisers are doing their best to squeeze accommodate for all according to reports..
A source told The Sun: "Diddy has been a regular at Cannes over the years and is always welcome.
"However, this year he's arrived with more people than normal, which has proved a bit of a headache to the people in charge of the guest lists.
"Diddy is good value, though, and his bar bill always makes an interesting read."
'Twilight Saga: Breaking Dawn Part 2' co-stars Robert Pattinson and Kristen Stewart won't be seen at the celebrations to the extent of P Diddy.
The couple is allegedly shunning luxurious hotels, and have hired a small private villa just outside of town so they can spend some "quality time" together.