The 212 hitmaker announced plans to cut ties with entertainment mogul Jeff Kwatinetz's Prospect Park management company and label in July, 2015, and recently claimed her former label bosses were not allowing her to release any new material until February (17).
However, it appears the 25-year-old is moving on with a new contract with RZA.
The rapper has yet to comment on the reported deal and no details have been released, but she is thrilled about teaming up with the Wu-Tang Clan star again.
The rappers first worked together in the film Coco, which marked Banks' debut on the big screen and RZA's sophomore directing job. Common, Jill Scott, Method Man, and Lorraine Toussaint also appear in the production, which is due out later this year (16).
"just smiling, chilling...," Azealia writes on Facebook. "I'm FINALLY getting a record deal. I'm signing with RZA. He and I have an excellent work chemistry. Filming coco with him was loads of fun!! Now I get to make music with him!!! Business and Pleasure is imminent."
The news comes a few months after Azealia claimed she was keen to turn her back on rap.
"I'm honestly tired of rapping, the rap scene and the whole rap-girl persona," she wrote on Facebook in June (16). "Considering dropping my last name and just going by 'Azealia' and not rap for a while. I'm really tired of being that girl. It's not me."