Update: Lil Wayne's manager Cortez Bryant tells Billboard that rumors of the rapper signing to Jay Z's Roc Nation for label representation are untrue. "The Internet and blogs took his words out of context," Bryant tells Billboard. "When Wayne was speaking about the partnership with Jay Z, he was speaking about his new deal as an artist owner with Tidal." Read the full story here.
"I just signed a deal with my motherf--king idol Jay Z," the rapper told the cheering crowd at the KMEL Summer Jam in Oakland, Calif. Watch a clip below.
The details about Weezy's unspecified deal with Jay Z remained unclear at press time. But it's no secret that Wayne has been unsatisfied with his deal at Cash Money Records. Some are speculating that the announcement could mean that the rapper is moving to Jay's Roc Nation for label representation.
Lil Wayne is also reportedly a co-owner of the Jay Z-led music subscription service Tidal and exclusively released the track "Glory" through the service in early June.
Reps for Lil Wayne, Jay Z and Roc Nation have not yet responded to Billboard's requests for comment.
Earlier this year, Lil Wayne's longtime manager Cortez Bryant wrote on Instagram that his client doesn't "deserve the shit he's going through" with Cash Money Records. In late January, Weezy sued the label for $51 million. TMZ has reported that he's owed $10 million, solely for the recording and completion of Tha Carter V.
Lil Wayne has referred to himself as a "prisoner" of Cash Money and blames the label for the delay of his new album, Tha Carter V. "I want off this label and nothing to do with these people," he tweeted. The barb was aimed at Cash Money's co-founders Bryan "Baby" and Ronald "Slim" Williams -- who signed Wayne in the early 1990s.
Billboard will have more on this developing story.