Photo by Jamie McCarthy

Jay Z has signed a massive, 10-year touring deal with Live Nation.

An extension of his existing agreement with the event producer and promoter, this new deal, revealed on Thursday, is said to be worth as much as $200 million. It would keep Jay under contract until he is 57 years old.

“Live Nation and I entered unchartered territory in 2008,” Jay Z said in a statement. “Over nine years, we have traveled the world producing historic music experiences. [Live Nation president and chief executive officer] Michael Rapino is an industry visionary, and this renewed partnership is a testament to our longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape.”

The news follows mounting speculation Jay Z is preparing to release a new album. He is also scheduled to headline his annual Made in America Festival in Philadelphia over Labor Day weekend as well as Austin City Limits Music Festival in October. Both events are produced by Live Nation.

Earlier today, Forbes revealed its top five wealthiest hip-hop artists, with Jay ranking at No. 2 with an estimated net worth of $817 million.

Get the Latest in Your Inbox

SUPER_SIMPLE_FEEDBACK_MESSAGES_ERRORS_EMAIL Mail address is not not valid