The 28-year-old 'Fancy' hitmaker has known the rapper, also 28, for around nine years, and although they have recently collaborated again on new track 'Kream' - taken from her new EP 'Survive the Summer' - she has played down speculation they could be in a relationship.
She told Extra: ''I'm still single... We've been friends for so long. He's a nice guy -- I just feel like people you know for so long you just know too much about him.''
Iggy - who toured with Tyga on MTV's 2012 Closer to My Dreams Tour - explained she felt it was time for them to reconnect and get in the studio together.
She added: ''I first met Tyga when I was 19, I didn't have any music out... Wanting to take a step back from my album back to a mixtape sound, I just thought Tyga would be a nostalgic collaboration for me to do because the time I was making my mixtape he was doing his.''
Meanwhile, Iggy has revealed that her new single 'Tokyo Snow Drift' is about ''a crazy b***h doing coke''.
She simply wrote: ''TST is about a b***h doing coke.''
Fans then began speculating that the lyrics were based on her but she quickly explained that the ''crazy b***h'' is nothing to do with her and she hasn't done drugs.
She added: ''To clarify, TST is about a b**ch doing coke and being a f**king liar a** crazy b**ch. It's not ME doing any. lol. (sic)''
However, she clearly realised that her honest message was being taken out of context by her followers so she later decided to delete both tweets altogether.
Once a fire fighter, always a fire fighter.
Today (September 14th) marks the 25th anniversary since the album's 1993 release.
Labrinth has teamed up with Sia and Diplo to form a new supergroup: LSD.
The Struts teamed up with Kesha for a red and gold themed music video as part of their collaboration on 'Body Talks'.
Sometimes actors are not acting.
The sins of London have followed them home. After throwing Owen Shaw (Luke Evans) out...
The cast of 'Furious 7' talk about their favourite moments from the 'Fast & Furious'...