According to the CEO of their record label Cash Money, the pair are planning to follow in the footsteps of Jay-Z and Kayne West, who recently released their joint effort Watch the Throne.
"Wayne and I recently talked about [a collaboration with Drake]," Bryan 'Birdman' Williams told XXLmag.com. "That's definitely going to get done."
Comparing the upcoming project to Jay-Z and West, he continued: "It's older versus younger. I listened to a few songs [off Watch the Throne], and it feels like an older feel to me. I think with Drake and Wayne, they young, they young cats.
"You got 23 and 28. Then you got Jay-Z and them, who are older and really on their way out the game. Then you got Wayne and Drake and them, who are still youthful to the game. So it's two different types of music all the way across the board.
"But what they're doing is great. I think it's great for the game, great for the business, great for retail as a whole. I just think when Wayne and Drake get together, [it's] going to be something real special also because we more youthful."
Drake has previously spoken of his desire to release an album with Lil Wayne. "[This] will probably be one of the most exciting things in my life, because we make music on a different level," he said.
The pair have already collaborated on tracks such as 'Successful', 'Miss Me' and 'Right Above It'.
Lil Wayne's new album Tha Carter IV is due out on August 29, while Drake's sophomore record, Take Care, is released on October 24.
Watch Drake's video for 'Miss Me' featuring Lil Wayne below: