After five years as the last standing artist on Irv Gotti's The Inc. Records, singer Lloyd is ready to move on, saying his situation with the once powerhouse label has "run its course."

In 2008, he dropped his third album Lessons In Love, but says since then, the label has separated from Universal Records and his career has been at a standstill.

"I'm ready for a change," Lloyd said. "There's no bad blood. I just feel I need to take more control over my career and get a fresh start. Hopefully Irv can understand my position."

Lloyd's announcements comes a month after Gotti revealed that he had dropped Ashanti from his label roster, claiming the singer has been able to recapture the success she's had in the past.

Ironically, Gotti said Ashanti's run had "run its course" too.

"The relationship has run its course," Gotti told MTV in May. "The chemistry of what's needed -- we're in two totally different places."

While he works out his current label situation, Lloyd says he plans to continue to move forward with his music. The singer is currently working on a new mixtape, as well as his fourth studio album.

Lloyd says he will be heading into the studio with producers such as Jim Jonsin, The Runners, Cool & Dre, and Rodney Jerkins, among others.

He also wants to get into the studio with Irv Gotti, the producer, as well.

During his time at The Inc. Lloyd has released three albums -- 2004's Southside, 2007's Street Love and the most recent, 2008's Lessons In Love.