According to a new report by TMZ, known sports fanatic Lil Wayne is well on the way to starting his own sports agency, already securing a potential first client in Portugal's Cristiano Ronaldo.

Wayne has partnered with Polaris Sports, an affiliate of CAA and GestiFute, the company where Ronaldo’s agent Jorge Mendes is currently employed. According to the report, Wayne’s company will handle Ronaldo’s domestic sports management affairs including marketing, endorsement deals, and modeling.

Earlier today, Ronaldo tweeted a photo of himself with the Prime Minister of Japan holding up the Young Money sign. 

In response, Wayne returned the favor with a shout out of his own:

As usual with TMZ posts, only "sources" have confirmed this agreement--not the actual parties themselves. Stay tuned for an update confirming or denying the truth of the report.

[UPDATE: Ronaldo denies claims on Twitter]

Just as TMZ's claims were starting to look legitimate (Wayne posted the article on his official Facebook page earlier this week), Cristiano Ronaldo took to Twitter to deny truth behind the rumors.

Whether or not Wayne is planning to operate his own agency, however, remains unclear.

[UPDATE: Young Money rep responds, confirms partnership]

Well, this just got confusing. Just a hours after we reported that Cristiano Ronaldo would not be changing his management team, a Young Money representative has now come forward confirming the soccer star is in fact working with Wayne. Ronaldo's tweet, the rep claims, is misleading.

The rep says YMCMB has a project set for this week and that Ronaldo is working with them, though he is not firing any of his current team members (as stated in the tweet). He adds that Wayne is set to handle "branding, marketing and other sports management issues in the United States."

More on this story as it develops.