Not so fast. Contrary to earlier reports, Drake apparently isn't signed to Universal Motown. According to Drizzy's managers, Cortez Bryant and Gee Roberson of Hip-Hop Since 1978, the Toronto rapper is close to signing on the dotted line with an undisclosed label.  "Drake isn't signed to Universal Motown," Roberson told "He's currently in the final negotiations of his deal."

Drizzy reached a deafening buzz in the last few months with the release of So Far Gone, his third mixtape featuring appearances from Lil Wayne, Bun B, Trey Songz and Lloyd, among others. The mixtape has also produced a few fan-favorites, including "Successful" and "Best I Ever Had," which is presently gaining momentum at radio stations, including New York's Hot 97. Still high off touring alongside mentor Lil Wayne on his I Am Music tour, Drake recently embarked on his own So Far Gone tour—hitting markets like Chicago, Westchester, NY and more recently Atlanta. Stay tuned as this story develops.-Marvin Brandon