Chance announced his support during a press conference at Chicago City Hall on Tuesday.
Earlier this month, Lil Chano pledged $1 million to mental health service providers across the city.
The rumored release could serve as a sequel to his 2013 album, Yeezus.
“I look forward to re-launching it and bringing the people of Chicago an independent media outlet focused on amplifying diverse voices and content.”
Chance and Kirsten Corley began dating in 2013 and have a daughter together.
Also playing the Chicago event will be Smokey Robinson, Francis and the Lights, O.A.R, and others.