Chance The Rapper has turned down $10 million advances

A source told the New York Post's Page Six column: "Every label is still trying to get him. He’s making too much on his own ... He was turning down $5 million advances before, and now it’s like $10 million. He may do something with Apple, but not a label per se ... He is going to remain independent."

Meanwhile, the 23-year-old rapper previously revealed he would like to collaborate with Kanye West.

He said: "We were working a while ago - I came to his spot probably the day before me and the band [The Social Experiment] released 'Surf' in 2015 - and we had a long sit-down and talk and he did some narration for 'Surf' that we decided not to use but was so dope.

"And after that, the next time we met up I was starting my 'Coloring Book' project and we talked about collabing, and I brought up 'Good Ass Job' to him. And, you know, we talked about it, and during 'Coloring Book' we worked on a few songs that didn't make it on the project. And there's one that I will say is very crucial. It's a very dark cut."

However, he doesn't know how soon that might happen because he thinks Kanye is very busy at the moment.

He added: "I have no idea the timeline of Kanye albums. Kanye, from what I've heard from the media, he has a 'Turbo Grafx' album, right? He has a Drake album, and he has 'Cruel Winter'.

"What I'm talking about is something me and Kanye talked about in the studio and worked on as a skeletal track, you know? It could only be for 'Good Ass Job'. It definitely is not for any of those three albums that I just talked about."