Such rumour emerged after the rapper announced to the crowd at the KMEL Summer Jam in Oakland, California, "I just signed a deal with my idol Jay Z."
But Wayn's camp quickly set the record straight.
"The Internet and blogs took his words out of context," his manager Cortez Bryant said.
"When Wayne was speaking about the partnership with Jay Z, he was speaking about his new deal as an artist owner with Tidal."
Wayne kicked off his partnership with Jay-Z by releasing a new track "Glory" through the streaming service.