The Lollipop hitmaker is already the co-founder of his successful Young Money Entertainment record label, and he's hoping to expand his empire to the sports world.
Sources tell Tmz.com that Wayne has had his sights set on starting a sports management firm for a while, and to make the transition smooth, he has recruited his friend and Portuguese footballer Ronaldo as his first client.
Wayne and his Young Money bosses will be collaborating with company PolarisSports, which is the firm Ronaldo's agent Jorge Mendes works for.
Insiders reveal Wayne will handle all of Ronaldo's ventures in the U.S., including branding, marketing, and endorsement deals.
While neither Wayne nor Ronaldo have officially commented on the partnership, Ronaldo posted a photo on his Twitter.com page on Thursday (23Jul14) of himself alongside the Prime Minister of Japan and other Japanese politicians, holding up the Young Money hand gesture, which Wayne then retweeted.
If the story is true, Lil Wayne won't be the only rapper to become a sports agent - Jay Z branched out last year and helped land former New York Yankees baseball star Robinson Cano a big deal at the Seattle Mariners.