A snippet of the catchy song first surfaced last May, when producer and artist Virgil Abloh previewed it during Coachella.
"Won't Be Late" was produced by Afrobeat artist Tekno and Mike WiLL Made-It, who previously worked with Lee on Rae Sremmurd's 2018 album "SR3MM."
The upbeat song sees Lee and Drake taking things slow with a potential romantic love interest.
"Kill your vibe, they don't have the right/ Baby don't fight it, you're giving me life/ Take your time, set the mood right/ Settle down, skeptical at first but now I'm not," Swae Lee croons over a dancehall-infused beat with rhythmic drums.
This is not the first time that the pair has teamed up, as they both appeared on Travis Scott's "Sicko Mode," out in August 2018.
In addition to "Won't Be Late," Lee also unveiled the affectionate "Sextasy," which features production by Chopsquad DJ and Mike WiLL Made-It.
Both tracks are expected to appear on the musician's forthcoming new solo album, which will follow his 2018 debut "Swaecation."
Last year, Lee shared details about his sophomore effort, teasing that he will "push the music forward."
"With this project, I'm not playing. I'm stepping on n***s' throats. I'm gonna up the standards for these 2010-whatever artists," he told Billboard.
Fans are hoping that he will be releasing more new material before he hits the road with Post Malone for his Runaway North American Tour, which will kick off on September 14 in Tacoma, Washington.
The musician also recently collaborated with Madonna on her "Madame X" single, "Crave", as well as with Miley Cyrus on "Party Up the Street".
Drake has been equally busy, dropping his compilation "Care Package" earlier this month.
Discover Drake and Lee's latest effort, "Won't Be Late," below: