Lil Wayne Contract Update: Rapper says he Signed a Deal with Jay Z

Rapper Lil Wayne got all of his fans excited when he declared, "I just signed a deal with my mother**king idol, Jay Z" at the KMEL Summer Jam.

After the announcement, many people were speculating that Lil Wayne has signed on to Jay Z's Roc Nation Label despite being in a long-running feud with his current label, Cash Money Records. These rumors and speculations, however, were not correct. Lil Wayne's manager revealed to Billboard the rapper is getting involved with Jay Z's music subscription service, Tidal and not his label.

"The Internet and blogs took his words out of context," Cortez Bryant explained. "When Wayne was speaking about the partnership with Jay Z, he was speaking about his new deal as an artist owner with Tidal."

Lil Wayne is a co-owner of Tidal. He released his track "Glory" exclusively on the service back in June and based on his latest declaration, he might be releasing another exclusive track on the service. Lil Wayne and Jay Z have a history of mutual respect.

In regards to Lil Wayne's problems with his label, the rapper blames Cash Money for the delay of his latest album, "Tha Carter V," which was supposed to come out in 2014.

"I want off this label and nothing to do with these people but unfortunately it ain't that easy," the rapper previously tweeted. "I am a prisoner and so is my creativity."

Earlier this year, Lil Wayne sued his label for $51 million over his contract as well as the delayed release of the album. "Tha Carter V" is supposed to come out later this year.