Drake has reportedly signed a huge new deal with Universal Music Group.

According to Variety, UMG chairman Sir Lucian Grainge confirmed the deal in a Q1 earnings call yesterday (May 3). The outlet has described the deal with Drake as an “expansive, multi-faceted deal with the company that encompasses recordings, publishing, merchandise and visual media projects”.

One insider described the Drake deal to Variety as “Lebron-sized,” in reference to LeBron James’ $154million (£123million) NBA deal to join the LA Lakers in 2018, without putting a number on it.

The agreement is believed to be similar to The Weeknd‘s recent long-term deal with Universal. UMG’s Republic Records are administering all future works and songwriting catalogue, which expands and develops global merchandising, branding, e-commerce and retail licensing opportunities around the rapper’s future projects and releases.

The new agreement is also expected to cover future audio-visual projects in collaboration with Republic Records and UMG.

NME has contacted UMG to confirm details of the deal with Drake.

Since 2014, Drake has sold over 37million albums. He was also recently confirmed as the first artist ever to surpass 50 billion combined streams on Spotify.

The Canadian star recently sparked rumours that he is set to release new music soon after sharing an image taken in a recording studio.

Last month, Drake also revealed that he was planning some “highly interactive shows” in New York and Toronto. Further details are yet to be confirmed for the forthcoming concerts.