Jay-Z Signs Lil Wayne In Multi-Million Dollar Record Deal

US rapper Jay-Z has signed fellow hip-hop star Lil' Wayne to his new record label, Roc Nation, according to reports.

MediaTakeOut claim the rapper paid Lil's Wayne's current record label, Cash Money, $5million in order to secure the deal.

"The deal was in the works for a while; they just needed to get on the same page as to price. And [everyone's] there now,” an unnamed source told the online publication.

The deal would unite two of the hip-hop industry's biggest stars.

Lil' Wayne's latest album 'Tha Carter III' is the fastest selling album in America this year, shifting over one million copies in its first week during the summer.

As previously reported on Gigwise, Roc Nation forms part of Jay-Z's all-encompassing deal with concert promoter Live Nation.

The company controls the rapper’s business and recording assets as part of the agreement.