The pair have been locked in feud over the past year and have each previously released a 'diss song' aimed at the other.
Lil' Kim recently released Black Friday - an EP aimed directly at Minaj and her Pink Friday LP, which she sold to fans through PayPal.
Kim has previously slammed Minaj in a number of interviews, branding her a "contradicting creature" and stating that she is clever to deny that [Minaj's] track 'Roman's Revenge' isn't a dig at her.
Minaj's new track 'Tragedy' appeared online over the weekend. Lyrics in the song include: "Pink Friday, Eminem, 8 Mile/ It must hurt to sell your album on PayPal" and "Look at you now hoe, you just tragic".
It is believed that the track will only exist as an online stream and will not be available to buy.
Listen to Nicki Minaj's 'Tragedy' below: