T.I.'s contract with Atlantic records is up, and now the King of the South wants a king's ransom to sign with another label. TMZ reports that Tip has an asking price of $75 million for him to sign a new label agreement.

According to the report, T.I. already has the kind of deal he wants to sign in mind: three albums; between 10 and 20 percent of publishing, touring, merchandise, film and TV rights; Corporate endorsement deals; and exclusive signing of all Grand Hustle artists.

Tip is said to have met with a few label honchos already, who may be willing to bite, including Dr. Dre of Interscope and Jay-Z of RocNation. Sony and Universal are also said to be interested.

T.I. was signed to Atlantic for 10 years and released his final album for the label, Trouble Man: Heavy Is the Head, last month.

BET.com is your #1 source for Black celebrity news, photos, exclusive videos and all the latest in the world of hip hop and R&B music.

Click here to subscribe to our newsletter. 

  (Photo: Kevin C. Cox/Getty Images)