G-Dragon has officially parted ways with his longtime label, YG Entertainment, marking the end of a significant chapter in his illustrious career.

The announcement follows recent speculation about his contract renewal and comes in the wake of drug abuse allegations, of which the former BIGBANG leader has been cleared by South Korean police.

In a statement posted on BIGBANG's official website Wednesday, YG Entertainment said, "G-Dragon was one of our iconic artists since his debut with BIGBANG in 2006. It was an honor to spend this past time with him."

The label added, "We sincerely wish G-Dragon blessings for his new chapter. We ask for a lot of support and encouragement from his fans."

G-Dragon's contract with YG Entertainment expired in June, leading to speculation about his next move.

Contrary to initial reports suggesting a potential renewal, South Korean news outlet Star Today reported that the K-Pop icon may have signed with Galaxy Corporation, which produced the hit Netflix reality series "Physical: 100."

This development comes on the heels of recent legal troubles.

G-Dragon was booked on drug-related charges in October. The rapper vehemently denied the accusations, appearing at a police station for questioning last month.

This week, the South Korean police dropped the allegations, citing a lack of supporting testimonies, Yonhap News Agency reported.

According to Star Today, Galaxy Corporation reportedly said it will hold an official press conference on Thursday to address G-Dragon's case and outline his future activities for 2024.

G-Dragon will not be present at the press conference, the company said.

Rumors about G-Dragon joining Galaxy Corporation first surfaced earlier this month after local outlet Money Today reported that the two parties had completed talks for a contract.

The agency, founded in 2019, gained recognition for co-producing the hit Netflix reality series "Physical: 100." Galaxy Corporation will independently produce the second season of the series.

G-Dragon, often referred to as the "King of K-Pop," officially debuted in 2006 as the leader of BIGBANG and has since become a global phenomenon.

His solo career, marked by albums like "Heartbreaker" and "Kwon Ji Yong," solidified his status as a trendsetter and musical innovator.

In 2016, G-Dragon was named by Forbes as the most influential person under 30 in Asia's entertainment and sports.