Good news, y'all -- iLoveMakonnen and Lil Yachty have a joint mixtape that's "on the way." Makonnen made the announcement in an Instagram video depicting him posted up in the studio with Yachty. "It's lit! We finna make hits on hits on hits," said Yachty.

They are both juggling multiple collaborations -- iLoveMakonnen teased new music with Lil B at the beginning of the year. Yachty will join forces with Lil B and Soulja Boy on Pretty Boy Millionaires 2, and his Lil Boat and the Goat project with Rich the Kid should be out any day now.

Watch Makonnen announce his mixtape with Yachty below. The way Yachty pronounces "Lil Boat" is just ridiculous.

ICYMI, read our iLoveMakonnen digital cover story here.