Lil Wayne is reportedly planning to start a new joint record label with T.I., amid his feud with Young Money Cash Money Billionaire CEO Birdman.

According to TMZ, although Lil Wayne dropped "Sorry 4 the Wait 2" mixtape last week, the New Orleans emcee is still upset with his record label and is now taking legal action, claiming Baby is violating their contract by not releasing his album, "Tha Carter V" and owes him $8 million in advances. Lil Wayne reportedly wants to get off YMCMB and "will keep recording, but he will release his works outside of the Cash Money umbrella."

Meanwhile, MediaTakeOut.com reported that Mr. Carter and fellow rapper T.I. "have tentatively signed an agreement" to form a "super record label" of their own. Two independent sources close to the rapper duo said they have been holding "secret negotiation: and considering naming the label neither Young Money nor Grand hustle. The new company is also expected to represent several chart-topping hip-hop stars, including Drake, Nicki Minaj and Iggy Azalea.

"Wayne has the rights to Drake and Nicki Minaj, and T.I. has the rights to Iggy Azalea," the source said.

The Atlanta native seemingly hinted at his possible partnership with Lil Tunechi on Friday night. T.I. discreetly arrived at IVY Nightclub on Miami Beach, where Young Thug was hosting Varsity Lifestyle Group's Friday Night Party. The Cash Money artist was playing his new music, accompanied by mentor Birdman, as well as his entourage of over 20 people.

T.I. then crashed the party by performing his latest single "About the Money," which originally features Young Thug, all by himself. At the end of his one-man show, he shouted, "T.I. is the King!" while his rival had already left the venue.

"It was definitely a night meant to be about Young Thug and of course Birdman himself, however T.I. definitely stole the show for himself," MTO claimed. "He made sure to remind everyone who is the 'King of the South' -- and of his new allegiance to Lil Wayne."

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