After five years with Def Jam Recordings, Lil Durk has a new home. On Wednesday (July 25), Alamo and Interscope Records announced the Chicago rapper has inked a deal with the label.

“It's a big day for Alamo to be able to partner with an artist of Durk's caliber. This is his time and we are thrilled that he has chosen us to be a part of it,” said Alamo Records founder Todd Moscowitz.

Durk praised the move as well, saying he wanted to switch to a label where he felt he was a top priority. “I went somewhere that made me feel like I was top priority; a place that needed me just as much as I needed them," the "Durkio Krazy" rapper said. "Since the beginning of the discussions with Todd, Shari [Bryant], Joie [Manda], Nigel and the people over Alamo/Interscope, they made me feel that way."

While Durk is happy about now being a top priority for a label, the rapper admitted that the financial side of the deal wasn't bad either. "Plus, the money was lovely," the rapper said. "My team and I went a whole year and half where we basically did everything on our own, no support, no promo, we didn’t complain we just got to it. It made us stronger. Now that Alamo/Interscope partnered with us, the sky is the limit for sure.”

Earlier this year, Durk dropped his Just Cause Y'all Waited EP after parting ways with Def Jam. The Windy City artist will now make his Alamo-Interscope debut later this year when he drops Signed to the Streets 3. The upcoming project will feature guest spots from Future, Ty Dolla $ign and Juice Wrld.

Along with the announcement of his new record deal, Lil Durk also dropped off his latest video for the song "Remembrance." In the video, which was directed by Jerry Production, Durk documents his eventful year, which included live shows, radio interviews and the birth of his child with girlfriend India Royale.

Check out the "Remembrance" video below.

See Photos of Lil Durk's Different Looks Over the Years