'Ready To Go' will see the metal band team up with the 'Lollipop' rapper for their first release under Cash Money Records, which they joined last week.
Cash Money founder Bryan 'Birdman' Williams said of the collaboration: "It'll be a great way to let the world know that [Limp Bizkit] is a part of us. It's rock, but it's hip-hop-rock. I think we got that hip-hop-rock swagger."
Williams added that Limp Bizkit will start work on their first Cash Money album when they return from their current Australian tour.
"They're just gonna go in and get it done. We're looking to put an album out this year, but right now we're dropping the single... and we're gonna vibe from there.
"Fred [Durst]'s all the way in - he understands what we're about, hard work and dedication. To me, they're one of the hardest workers in the business."
On signing a metal band to a hip-hop label, he added: "If we find some great talent, we're gonna embrace it. Limp Bizkit, to me, is just a perfect match for us.
"It was something that [Durst] was interested in doing, and I was already a fan, and I was like, 'Let's do it.' It's good for the brand, it will bring a different look for us, and we're definitely trying to expand on that side of music."
Lil Wayne recently laid out plans to release a new sneakers line with a "well-known" company.
Watch the video for Limp Bizkit's 'Gold Cobra' below: