Earlier, Drake told XXL Magazine that him and Lil Wayne have agreed to scrap their joint project, because it would just be compared to Kanye West and Jay-Z’s Watch The Throne album every time. Drizzy is still planning to do a collabo mixtape with Rick Ross though, so I am sure we will see quite a few YMCMB and MMG collaborations on there!

“Me and Wayne scrapped the idea of a collaboration album,” Drake told XXL. “We just agreed that it would be looked upon as… It would be sort of this competition with Watch The Throne. I feel like it would get caught in this whirlwind of hype. Wayne agreed. We just said, ‘If we do it, we’ll do it down the line. But right now is not the time.’”

In other Weezy news, MTV recently announced that Tunechi and Birdman will be performing “Y.U. Mad” live at the first annual MTV2 Sucker Free Awards in Miami. The show, which will be hosted by Sway Calloway, will air on Sunday, December 4th at 11PM EST at the LIV Fontainebleau in South Beach.

We recently told you Wayniacs that Lil Wayne has picked up 3 nominations for MTV’s Video Music Awards, and now MTV has just confirmed that Weezy will be performing at the show as well! Right now, we don’t know what songs Tunechi will be performing at the show, but maybe he will perform a new track off his Tha Carter IV album because the album is set to drop at midnight after the VMAs go off. The 28th annual MTV Video Music Awards will air live on Sunday, August 28th at 9PM EST from the Nokia Theater in Los Angeles.

“Being a nominee and performer on the VMAs once again is an honor because everyone doesn’t get that opportunity,” Wayne said in a statement. The event coincides with the August 29 release of his upcoming album. “Looking forward to performing on the show, and having Tha Carter IV drop the same week!”

After the jump, you can check out a few photos from a recent Lil Wayne photo shoot that could possibly be used for Wayne‘s Tha Carter IV album booklet.

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In the video above, you can see some footage of Lil Wayne rocking out to “Racks On Racks” live at the House Of Blues after party in New Orleans on April 15th. I wonder if Tune will do his own “Racks On Racks” remix”

Lil Wayne, Nicki Minaj and My Chemical Romance are going to be performing live on an NBC Carson Daly Special taking place this Thursday (December 16), in New York at 6:30PM. The show will air live on December 31st at 10PM. If you’re in NY this Thursday, then you can get some FREE tickets to watch the performance which is taking place on a roof top here! But you Wayniacs will have to hurry up, because there are only 500 tickets available and it’s first come, first served.

In other news, Tunechi is MTV News’ #5 Man Of The Year!

Two days ago, we posted a video of Drake confirming that Weezy did a verse to his “Light Up” track saying: “Lil Wayne recorded one of his greatest verses ever over the phone for my track with Jay-Z – Light Up” . Earlier today in the United Kingdom, Drake went on Ustream live to promote his upcoming album Thank Me Later and he also played Tunechi‘s phone call with the recorded verse on. Don’t forget that this is only a rip of a video from the phone recording, so the quality will not be the best until Drizzy releases it. You can check it out below:

Download: Lil Wayne – Light Up (Remix) [Rip] [Rapidshare] | Lil Wayne – Light Up (Remix) [Rip] [Usershare]

Spotted at UHTN