A representative for the US chart-topper from his record label Young Money confirmed that the star had suffered a seizure - but played down reports by US gossip site TMZ that he was in a critical condition in intensive care at the Cedars Sinai hospital in Los Angeles.
Mack Maine - the president of the label - issued a statement to reassure grief-stricken fans via his Twitter page.
He said: "Wayne is alive and well! We watching the Syracuse game... thanks for the prayers and concern... he will update you all soon. #love.
"Don't believe the nonsense about comas and tubes to breathe...that's false!!"
I'm good everybody. Thx for the prayers and love.
— Lil Wayne WEEZY F (@LilTunechi) March 16, 2013
Lil Wayne - real name Dwayne Michael Carter, Jr - then sent a message from his Twitter account to back up the statement.
He wrote: "I'm good everybody. Thnx for the prayers and love."