Lil' Wayne  has reached an agreement with a New Orleans based jeweller who accused him of not paying for two pieces of jewellery.

A lawsuit was filed last year in a Miami-Dade circuit court by Jack Sutton Fine Jewellery seeking $146,000 which was said to be owed by the rapper.

Lil' Wayne purchased a $138,00 diamond ring and a $32,000 gold and diamond necklace from the jewellers by phone.

Sutton stated that he had only received $24,000 from Weezy, which was part of a monthly installemnt plan.

"We reached a settlement," Ron Sweeney, Lil Wayne's lawyer, told the Miami Herald. "Everybody's happy."

In addition to the missed payments to the jewellers it looks as if Wayne could also be in trouble with the IRS.

The Herald reports that Weezy owes $977,840.81 according to a May 6 notice of federal tax lien filed.