UPDATED 9:00 p.m. EST: Warner Bros. Records have shared a press release that confirms Lil Pump's new deal. The label says they're happy that their "successful partnership" with the 17-year-old rapper will continue and explained that the deal will clear the path for the release of his second album.

The CEO of Lil Pump's management company Dooney Battle added, "We are pleased that we can bring the next album release from Lil Pump to Warner Bros. Records. From the second I met Lil Pump, it was clear that he had star power and could lead the wave of rappers breaking on SoundCloud and YouTube."

Lil Pump went on Instagram Live after rumors of a multi-year $8 million deal started circulating Monday night and said that the contract was for one album only: "I don't know where the hell you heard all that other bullshit, but I got eight million dollars for one project, and that's it!"

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Lil Pump will now have the chance to purchase even more Gucci 'fits as the rapper has reportedly signed a record deal with Warner Bros.

According to TMZ, the deal will grant the Florida rapper a cool $8 million advance. After that, he will allegedly receive $9,000 in the first year, $12,000 the following year, and $15,000 for the third through seventh contract years. While the contract appears to be binding, it's the royalties that can bring Lil Pump rewards. He will earn 14 percent in the United States and also have "provisions that give him up to 66 percent in royalties depending on the format."

This deal would actually mark the second time Lil Pump has signed to Warner Bros. His self-titled debut album was released through the label last October, which debuted at No. 3 on the Billboard 200 chart. But his contract was reportedly made void in January due to the rapper being underage at time of signage (he was 16 years old) and it was never certified by the court.

Pump was then crowned a free agent and received offers from Gucci Mane and DJ Khaled. He recently teased that a new record deal was about to be announced. "New deal on the way, bitch. New fuckin' deal, bitch!" he exclaimed in an Instagram story. The rapper previously boasted that he wouldn't sign to a label for less than $12 million. 

"Lil Pump got something to say," he told fans on Instagram Live in January. "I ain't signing to none of these fuckin' labels for nothing less than 12 to 15 mill. So y'all think y'all 'bout to fuckin' get me for the low? Y'all can go suck my fucking dick. Fuck all y'all labels, man."

Well, if this Warner Bros. $8 million contract resigning turns out to be true, then the rapper may want to take back his words.