The hip-hop artist, who runs the Brick Squad Monopoly record label, told the celebrity news website he has already hired writers to pen songs for Bynes' rap debut "Shots."
"It's going to be crazy hot," Waka Flocka said. "She has it all together to me. She is cool as hell and ready for the rap world. I think she is going to kill the game."
He went on to say he FaceTimes with Bynes at least once a week and texts her every day about working together.
TMZ said there is no projected release date yet for the album.
Bynes, 27, starred in "The Amanda Show," as well as the films "Hairspray" and "What a Girl Wants," but her last major screen credit was a supporting role in 2010's "Easy A."
Her once-bright career has been eclipsed in recent years by her bizarre Twitter rants and media reports of her erratic behavior and brushes with the law.