UPDATE:

Lil Wayne's attorney Ron Sweeney has confirmed the rapper reached a settlement with Cash Money Records. Sweeney of Sweeney, Johnson & Sweeney LLC issued the following statement to Billboard: "Per our settlement agreement, the matter has been amicably resolved to the satisfaction of all parties. In terms of the particulars, we’re prohibited legally from saying anything further. I can say that my client is happy. He is his own man, a man that owns his assets, his music and himself. At some point, Wayne will let his fans know what’s going to happen next."

ORIGINAL STORY:

After a long legal battle and public back-and-forth, Lil Wayne has reportedly finally reached a settlement with Birdman, Cash Money and Universal Records. According to The Blast on June 7, Howard King, who is the "Vizine" rapper's attorney, filed a notice on May 23 with the court, revealing that all parties were ready to dismiss the suit, which releases Weezy from his Cash Money deal.

Conflicting reports about the exact dollar amount of the settlement are being circulated, though it's rumored to be more than $10 million. A source told the outlet that Birdman did not fork over any of the dough for the amount, as it was covered by Universal Records. The major label reportedly settled for the large sum of money due to their belief that they can recoup it from Drake and Nicki Minaj's forthcoming projects.

Weezy will also reportedly be able to release his long-awaited Tha Carter V album, but it will drop through Universal Records and not Cash Money, as he has finally severed ties with the veteran hip-hop imprint.

If you recall, the Wayne has been in a long legal battle with Birdman and Cash Money after originally suing them to void his recording contract. The veteran rapper claimed that the label owed him tens of millions of dollars, including an $8 million advance for Tha Carter V, as well as $2 million after the album was completed. Previously, it was reported that Weezy was also asking a judge to declare him the joint copyright holder of all of Young Money Entertainment recordings.

Now that he has been released of his contract, hopefully Lil Wayne can deliver his anticipated Tha Carter V album in the near future.

XXL has reached out to Lil Wayne's team and lawyer for comment.