Kanye West and executives at record label EMI have finally reached an "agreement in principle" to settle a lawsuit regarding the rapper's bid for contractual freedom.

The Stronger rapper first sued EMI executives in January 2019, alleging that when his 2003 deal is combined with extensions, it is void under California's statute - which limits personal services contracts to no more than seven years.

EMI officials then fired back with their own lawsuit against West in New York in March last year, claiming the musician had made a "flagrant attempt to forum shop his way around" a provision of the contract that provided New York with exclusive jurisdiction.

Both parties appeared to have reached a settlement in September, but this then fell through, with bosses at the publishing company asking a federal judge in New York in December to re-open the case.

The judge gave the Follow God star and EMI bosses until 13 January to reach a new deal, with both informing the United States District Court for the Southern District of New York on Monday that they have reached an "agreement in principle" to finally settle the suit, according to Pitchfork.

If no other objections are made, the case will officially be settled on 14 February.