Freekey Zekey Signs Multi-Million Dollar Deal With Asylum, Launches Dipset South

Days after completing a stint in a Durham, NC prison, Freekey Zekey is reaping the benefits of a new multi-million dollar deal with Asylum Records.

The 31-year-old Diplomats affiliate, who signed the one-album deal with the label in correlation with Diplomat Records on Friday (Dec. 1), will

launch Dipset South after the release of his forthcoming album in the late March or early April.

"Basically it's all the way official. I signed to Asylum, light seven digit joint," Freekey Zekey told "It was signed because of the

fact that they really wanted to work with me. They were real genuine in their deal. There was no crazy talk, the deal took two minutes."

Despite rumors, sources say no artists have

been signed to Dipset South.

The deal came after Zekey's Nov. 20 release from jail after serving almost three years for running an ecstasy ring.

The rapper (born Ezekiel Jiles)was convicted in 2004.

For Asylum President Todd Moscowitz, the alliance is the icing on the cake to mark Zekey's official return.

"The streets have been waiting for this for a long time and we're just happy that Cam and Zeke have asked us to be a part of it," Moscowitz told

Fans who can't wait for Zekey's release can enjoy a mixtape he is scheduled to drop before the album.