Exclusive: Lloyd's New Song, 'Set Me Free' -- Check It Out Here!

Singer signs with Interscope instead of Young Money.

Coming off the success of Young Money's "Bed Rock" and factoring in their previous track record of hit singles like "Every Girl," everyone figured that singer [artist id="1245019"]Lloyd[/artist] and his good friend and fellow New Orleans native Lil Wayne would officially join forces. Since Lloyd got his release from the Inc. last year, his going to Young Money seemed like a foregone conclusion. However, a deal could not be worked out — but the 25-year-old MC is excited about his new deal with Interscope.

"Baby and Wayne were definitely the first people to reach out to me. I talked to them about a deal. That's who I thought I'd end up with in my heart," Lloyd explained to MTV News. "The problem is that Young Money/ Cash Money is exclusive to Universal/ Motown. As you and I know, that's where I did my last two albums. I wasn't excited about going back. I tried to do a Young Money/ Cash Money deal through another distributor, but it couldn't be done. At the end of the day, I'm still family, though."

The singer says not signing with his "family" doesn't hamper any chances of future collaborations. Lloyd is currently assessing who he'll get in the lab with.

"I don't feel the need to rush to release an album. It'll be out later this year. I got a couple of title options, but I'm not 100 percent sure yet," he explained. "I love the way Interscope gets down. I love the way Jimmy [Iovine, label head] gets down. I've always had a good working relationship with Polow [da Don, producer]. Having that creative partner is something I wanted to have, since the very beginning, to have that one creative partner. Mike [Jackson] had it with Quincy [Jones], Janet [Jackson] had it with Jimmy [Jam] and Terry [Lewis]. Justin has it with Timbaland. I feel that me and Polow have something special. I'm really looking forward to that. I also admire Jimmy [Iovine] as a producer. He loves producers. He's got Will.I.Am, Dr. Dre, Polow, the Neptunes, Timbaland. That's what he does. I'm looking forward to it."

MTV News exclusively received a copy of a new Lloyd single. It's called "Set Me Free" and features Mystikal. It's Mystikal's first song since going to jail for sexual assault six years ago. The MC was released in January.

"I'm a beast, I'm a dog," Lloyd sings. "Let me off the leash so I can set it off/...Feels like I got the whole world in my pants/ Girl you can set me free/ I'm feeling like Ali/ In his prime/ I'm a P.I.M.P. "

Mystikal comes in towards the end of the record with his famous southern howl. Myst also address his incarceration:

"Stop lyin' on me/ I smash these rappers and pick up trash at the same time, homie/ Young Lloyd called me and told me to sick the dog on 'em ... I got meaner from being behind that fence ... I hit the streets and rappers ran like shouts in the crowd/ Y'all was out here eating shrimp/ I was on that workout bench/ But I'm back on the beach/ Muscle up!"

"The N.O. is gonna love me for this one," Lloyd said. "The world is gonna love me for that song. It is the first of many [singles]. Since the album won't be coming out until later this year, that's more than enough time to get many songs out. We're gonna start hitting them pretty hard.

"I had two major goals in 2009," he added. "One was to get off the Inc., which I did. The other was to get back on radio and TV, which I did with 'Bedrock.' "

His plan for 2010 is laid flat as well.

"Signing with Interscope was just a small step," the Atlanta transplant offered. "This year I'm really focused on a classic album and staying in the public eye with more guest features. I have a few surprise collaborations coming. In the past two months I've recorded some really surprising features that will shake up the game a little bit."