Rapper T.I. is reportedly looking for a new record label home and a huge payday to accompany it. TMZ is reporting that the King of the South's 10-year contract with Atlantic Records is done and now he's a free agent.

According to sources, Tip has put together a $75 million package deal that includes three albums, 10-20 percent of all publishing royalties, corporate endorsement deals and exclusive signing of all Grand Hustle artists.

So far, industry heavyweights like Dr. Dre (who runs Aftermath Records) and Roc Nation CEO Jay-Z have already met with T.I. to discuss his future in music. Sony Music has reportedly offered T.I. close to what he's asking for with a $50 million offering. Universal is also looking to talk with the Atlanta rhyme-spitter in the coming weeks.

Meanwhile, T.I. was out in Los Angeles on Thursday (Jan. 18) chatting it up on the 'Chelsea Lately' show. The bespectacled Tip was looking very dapper in his buttoned-up sweater, white shirt and tie. The 'Ball' rapper discussed his prison stint, album collaborations and his latest movie role.

T.I.'s latest album, 'Trouble Man: Heavy Is The Head,' is in stores now.

Watch T.I. on 'Chelsea Lately'