“I have a lot of respect and admiration for the genius of Lil Wayne and the entire Young Money family,” he said. “I asked to be released from the label to pursue other opportunities that were recently presented to me. Because of our relationship, Lil Wayne had no issue with us ending our business relationship and released me from the label. Lil Wayne and I have nothing but love for each other, there is no beef. I also wanted to make it clear that my company nor did I, leak the song, ‘I Get It In,’ and I want to dispel any rumors that have surfaced. I appreciate my relationship with Young Money/ Cash Money and look forward to doing business in the future.

“There will be a major announcement regarding my career and my new album, Ollusion, coming next week,” the statement promises.

Young Money member Mack Maine broke the news of Omarion’s departure on his Twitter page Wednesday night, writing, “ATTN: Omarion is no longer Young Money … the song they leaked featuring Wayne is not official … Good luck to him in his future endeavors.”

Omarion has not released an album since 2007′s Face Off duet with Bow Wow. The former B2K member was released from his contract with Sony music, and in 2008, there was talk of him signing to Timbaland’s Mosely Music Group. Except for a few songs that leaked to the Internet, nothing transpired from that collaboration