As Lollapalooza ’07 came to and end this weekend in Chicago, Lupe Fiasco gave MTV the details of the long-rumored group project he’s working on with Kanye West and Pharrell Williams. The trio currently records under the name of CRS, and so far their only effort is “Us Placers,” which can be found on Kanye West’s “Can’t Tell Me Nothing” mixtape. According to Lupe, listeners may be in for a few surprises, including the track’s producer.

P planted the seed and me and ‘Ye kind of took the initiative and started to run with it,” he said. “I did ‘Us Placers,’ looped it up, produced it, the whole thing. So now we’re just sitting down and seeing if the music actually sounds good. It was easy [and] we have faith in each other’s talents.”

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In addition to new music, the fashion-forward MC will collaborate with designer Darren “Dr.” Romanelli on several projects. Lupe is currently the face of “The Armory,” a set of high-end, rebuilt military jackets from the designer’s “Surgical Strike” collection.

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Meanwhile, Fiasco informed Billboard that he has yet to hear anything new about his most unlikely collaboration, which would include rounding up the members of Pink Floyd for an appearance on his sophomore album, The Cool.

“Nothing has developed yet,” said Lupe. “But once the stew gets swirling and people start talking, you never know. I hope it does work out.”

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For now, Lupe is eying October 31 as his ideal release date for The Cool.