Lil Wayne is reportedly willing to take legal action against his Young Money Cash Money Billionaires label and its CEO Birdman if they do not release his highly anticipated "Tha Carter V" album soon.

Earlier this month, the New Orleans emcee took to social media to express his frustrations with his label and Birdman, blaming them for his new record's numerous delays.

Following his Twitter rant, TMZ recently reported that Weezy is "threatening to drag [Birdman] and Cash Money into court, if they don't drop his album now." According to a source close to the feud, "Wayne has issued a simple ultimatum, in writing" to either "release 'Tha Carter V' pronto" or else, "he will sue to leave Cash Money altogether."

The source added that Lil Wayne is not speaking to Birdman, claiming that the "Believe Me" rapper is "only focused on the album."

"When and if that gets done, he'll worry about fixing the friendship... if that's even possible now," the source said.

The report comes after YMCMB president Mack Maine's interview with Miami radio station 99 Jamz, in which he spoke about what Lil Tunechi has been up to lately.

"He's out in the West Coast right now," he said. "He's working, touching up the album and about to start another special project for the people."

The "Roger That" rapper then revealed that Wayne's much delayed music is actually on its way, aiming for an early 2015 release.

"I can't give a definitive date. I can just say first quarter for sure," Mack Maine told host Felisha Monet. "We're still in talks right now, trying to get the plans together. The industry shuts down towards the end of the year anyway. It's coming out. Don't get it twisted like it's not coming out ... He wants it out, the fans want it out."

Mack Maine was then asked about the cause of the delay.

"It's a lot of stuff that goes on with putting an album out," he explained. "It's way more behind-the-scenes that goes on with deadlines and stuff like that. Everybody should want this album to be out anyway in any company. It's actually four companies actually involved in it: Young Money, Cash Money, Universal and we have a solid partner that we haven't announced yet. We're gonna put it out a special way this time."