Lil Wayne is suing record label Cash Money for $51 million.

The 32-year-old rapper has filed a lawsuit, which has been obtained by gossip website TMZ, against the company, whose CEO is fellow rapper Birdman, claiming they owe him millions of dollars for his upcoming album 'Tha Carter V'.

As a result of the alleged withholding of funds, Wayne is looking to leave the record label and is also keen for a judge to declare he is the joint copyright holder for everything released on his Cash Money imprint, record label Young Money, which includes Nicki Minaj and Drake recordings.

Sources connected to the 'Lollipop' hitmaker claim that Wayne was due to receive $8 million in advance of recording the album, which he started in December 2013, and then a further $2 million when he finished the record last year - but they insist he hasn't received the money.

The insiders added that 'Tha Carter V', which was initially due to be released last May before being delayed until December 2014 and still not released, will drop if Birdman pays up.

Just last month Wayne hit out at Cash Money in a Twitter outburst in which he claimed the record label were ''refusing'' to put out the record and insisted he wanted to leave the company because he felt like a ''prisoner''.

In a series of tweets, he wrote: ''To all my fans, I want u to know that my album won't and hasn't been released bekuz Baby & Cash Money Rec. refuse to release it.

''This is not my fault. I am truly and deeply sorry to all my fans but most of all to myself and my family for putting us in this situation.

''I want off this label and nothing to do with these people but unfortunately it ain't that easy

I am a prisoner and so is my creativity Again,I am truly sorry and I don't blame ya if ya fed up with waiting 4 me & this album. But thk u

''Pray.''

However, shortly after his Twitter outburst, Wayne's manager Cortez Bryant insisted he wasn't going to leave the record label.