In June, it was reported that singer Omarion had signed to Lil Wayne's Young Money label. Now, less than two months later, he's been dropped?

The label's president, Mack Maine, told SOHH.com this week that the rumors are true.

"Omarion is no longer with Young Money. May God be with him and his future endeavors," he said in a statement.

At press time, it's unclear how or why the deal fell apart so quickly.

Update: AOL's BlackVoices obtained a statement from Omarion, via his publicist Priscilla Clarke, who said that Omarion asked to be released because other business opportunities came to him recently.

"I have a lot of respect and admiration for the genius of Lil 'Wayne and the entire Young Money family. 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. Stay tuned..."

The news comes just days after Omarion's good friend Bow Wow announces his own signing with Young Money's parent company, Cash Money Records.

Weezy's Young Money Entertainment has a roster that boasts Drake, Jae Millz, Nicki Minaj, Tyga and Lil Twist, among others.