Lil Wayne
Lil Wayne sparked rumours with his announcement of a partnership with Jay Z (REUTERS/Mario Anzuoni)

Lil Wayne might have fallen out with his former mentor Birdman, but he wants the world to know that he is not leaving Cash Money Records for Roc Nation.

The hip hop star, whose real name is Dwayne Michael Carter Jr, sparked speculation that he was quitting the label when he announced a new partnership with Jay Z on stage at KMEL's Summer Jam in Oakland.

"I just signed a deal with my motherf**king idol Jay Z," he told the crowd.

But his manager Cortez Bryant has since set the record straight, telling TMZ that Weezy was referring to his new partnership with Tidal as an artist and owner. The Lollipop hitmaker will release his next album on the music streaming service.

The move suggests there is still bad blood between the Grammy award-winning rapper and Birdman, real name Bryan Williams.

In January, their longstanding feud reached boiling point when Wayne sued the music mogul for a whopping $51m (£35m). According to TMZ, Wayne requested that Manhattan Federal Court terminate his contract with Cash Money, claiming that the company violated the terms of his contract by withholding millions of dollars.

"Cash Money has failed to provide a single accounting in respect of the exploitation of the Drake recordings, despite Drake being one of the best-selling recording artists in recent years," the suit claimed.

Although Wayne is staying put for now, The Cash Money and Young Money brands have been rocked by several other artists quitting the labels in recent months.

In October 2014, Rack City hitmaker Tyga launched a Twitter tirade against the record label announcing he wanted to be released from his contract.

In May CSI: Cyber actor Bow Wow announced his departure from the record label, insisting that he had no hard feelings towards his former boss Birdman, describing it as a "peaceful situation".