Update, June 14: Lil Wayne's manager Cortez Bryant has responded to the rumors the rapper's comments. "The Internet and blogs took his words out of context," he told Billboard. "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 dropped some major news at the KMEL Summer Jam in Oackland, Calif. this weekend when the rapper announced that he has signed with Jay Z's Roc Nation.

“I just signed a deal with my motherf---ing idol Jay Z," he revealed between songs during his recent performance, which you can view above.

Initially signed to Young Money Records, Weezy has been having issues with the label and its owner Birdman due to the major delay on his forthcoming LP, Tha Carter V. The tensions have been so high that the New Orleans rapper filed a $51 million lawsuit against the record label in January. He also has made repeat remarks about leaving Young Money altogether.

Aside from calling Hova his "idol," Lil Wayne have been a legit longtime fan for the Brooklyn rapper since he was in the hip-hop group, Hot Boy$, where he rocked a lot of Rocawear and Reebok Sean Carter kicks. And let's not forget the fact that he and Jay are co-owners of TIDAL.

“Jay Z expressed interest,” Wayne told RapRadar founder Elliott Wilson in an interview. “And you know me, I was letting him know I was a super fanatic. I was on the first thing smoking. So I went over there and we met. I met with Jay, but history turned out to be what history is.”

Regardless of the new contract, we have yet to find out what kind of deal this is - an actual record deal or just a management type of thing. However with the news now out in the open, it'll only be a matter of time till we find out what lies in Lil Wayne's future.