The duo put the project in hold in 2014.
Back in June 2014, Childish Gambino revealed that he had a joint EP in the works with Chance the Rapper, only to announce that they had put the project on hold four months later. "We're both really busy," he explained. "Chance is kinda doing his own thing with the college tour, and right now it just doesn't feel like the time. We're in two different spaces."
Neither party has said a word about the project since then... until last night during Chance's impromptu Reddit AMA. /u/padaman asked, "Does the Chance and Childish Gambino collab album/mixtape still exist?"
"Yes," Chance replied.
Though Chance didn't go into detail about the status of the project, this is obviously good news. To date they've collaborated on "The Worst Guys" from Childish's Because the Internet and "Favorite Song" from Chance's Acid Rap.