Wayne pleaded guilty to attempted gun possession during a New York court hearing last week and is expected to receive a year behind bars. He will remain free on bail until he is sentenced in February.
Reports of his plea were quickly followed by the release of a new mixtape titled No Ceilings. Two other albums are further expected from the star in December - his long-awaited rock LP The Rebirth and Tha Carter IV.
Drake, who is signed to Lil Wayne's Young Money imprint, said that the 27-year-old is trying to keep positive.
"He's kinda more concerned about getting as much music as he possibly can, so that when he's in there, people are still satisfied musically with Lil Wayne product," the rapper told Rap Up. "That's just the mind of a true businessman."
Drake also pledged that he will fly the flag for the label while Wayne is in jail. "I just want to play my part as a team member and keep the brand strong until the boss gets home," he added.