UPDATE: Reports say that Lil Pump received an $8M advance with his Warner Bros. record deal.

Lil Pump's been a free agent for the past few months which ultimately lead to a lot of label heads and artists looking to sign the young rapper. Both Gucci Mane and DJ Khaled were two prominent figures who wanted to get Lil Pump on their respective labels. Gucci told Pump to "name his price" and shortly after, rumors floated around that he had officially penned the deal when he was flexing a 1017 chain. However, it looks like that wasn't true and the rapper has gone back to Warner Bros. for a new contract.

Lil Pump has reportedly penned a deal with Warner Bros., according to TMZ. Warner Bros. has officially brought Lil Pump back on board in a binding contract that'll have the rapper under their wing for seven years. The initial contract he signed was invalid due to the fact it never became official through the court as well as being a minor.

Warner Bros will pay the rapper $9K for the first year, $12K in the second and will increase to $15K between his third to seventh year under their wing. Pump's clearly making bank off of this.

The report says that he'll receive 14% of royalties in the U.S. but there's also chances of him making even more on royalties depending on the format.