Lil Wayne and TI have reportedly come to an agreement to form their own record label, one that could be the biggest in the industry.

The report came from MediaTakeOut, which cited an unnamed source who claimed that the rappers have been holding secret negotiations to break off and form their own label, one that would have considerable firepower.

“Wayne has the rights to Drake and Nicki Minaj and TI has the rights to Iggy Azalea,” the source explained.

As MediaTakeOut continued, TI has already let word out about the new super record label. The outlet claimed that TI showed up to Varsity Lifestyle Group’s Friday Night Party, hosted by Young Thug. TI arrived later, quietly making his way to the DJ booth.

“Finally Noticing TI, the crowd immediately shifts it’s attention to TI while he puts on a full-on performance BY HIMSELF ending with his song ‘IF it Ain’t about the Money’ that originally features Young Thug! TI’s charisma and dance moves were no match and the crowd went wild. He ends the performance addressing the crowd by shouting ‘TI’s THE KING!’ into the mic and jumps off booth. The Rich Gang entourage had vacated the club by this time. It was definitely a night meant to be about YOUNG THUG and of course BYRD MAN himself, however, TI definitely stole the show for himself! He made sure to remind everyone who is the ‘KING’ of the South – and of his new allegiance to LIL WAYNE!!”

The revelation comes after weeks of trouble between Lil Wayne and his record label. In December, the rapper took to Twitter to rant about his delayed album, blaming label head Birdman for keeping it under wraps. Lil Wayne went on to say that he wanted out of Cash Money Records.

“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.”

While it’s not been confirmed that Lil Wayne and TI are starting their own record label, the rappers have collaborated many times in the past, including the 2013 hit “Wit Me.”