The rumors of Lil Pump landing a new $8 million deal with Warner Bros. Records are true, as he and the major label have announced the news. Yesterday (March 13), the label confirmed the new deal, revealing details of their updated partnership with Pump after his contract was voided at the beginning of the year.

Not only has the Miami rapper signed a deal for a whopping $8 million, but he also announced yesterday that his Harvard Dropout album is on the way. He also clarified that the $8 million deal goes towards one album, which fans presume is connected to the forthcoming project.

"Got a new car got new bitch & I got a new deeaaal," Pump writes on Instagram. "8 mil 1 project HARVERD DROPOUT OTW!!"

Co-Chairman and COO of Warner Bros. Records, Tom Corson, spoke on the partnership with Pump, expressing his enthusiasm to bring Pump back to Warner Bros.

“Everyone here at Warner Bros. is thrilled to continue our successful partnership with Lil Pump,” he stated. “This new chapter promises to be even more extraordinary than the last, and we can’t wait to unleash Pump’s powerful new music to the masses.”

Dooney Battle, who is CEO of Lil Pump's management, Tha Lights Global, also shared excitement for the new venture and pushing the entertainer's next project through the label.

“We are pleased that we can bring the next album release from Lil Pump to Warner Bros. Records," he explained. "From the second I met Lil Pump, it was clear that he had star power and could lead the wave of rappers breaking on SoundCloud and YouTube. I knew that we could combine his authentic music and unique persona with TLG's ability to create engaging visual content, and utilize our influencer network to build worldwide exposure for him. We look forward to working together again to take Lil Pump's career to even greater heights."

Being that Pump's "Gucci Gang" hit record has become extremely successful on the Billboard Hot 100 singles charts and has even reached platinum status. His self-titled debut album also ran high numbers on the charts and led to a sold out tour across the country.

Congratulations to Lil Pump and his team on another major feat for his career.