The rapper has faced several royalty and copyright infringement lawsuits over the past several months.
In April, he settled a multi-million dollar suit filed by another producer over the royalties for his popular track 'Lollipop'.
Producer David Kirkwood sued Lil Wayne and his record companies Cash Money Records and Young Money Entertainment last year, after claims that the star owed him a million dollars in royalties for the song 'Love Me or Hate Me', which appeared on Tha Carter III.
TMZ reports that the 29-year-old appealed for a dismissal of the case, but has now opted to settle outside of court for an undisclosed sum.
Lil Wayne recently announced his upcoming album Devol and has signed a four album deal with Cash Money Records.
Watch Lil Wayne's video for 'Lollipop' below: