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Drake is lavishing himself with some super-expensive custom jewelry ... and one of his newest pieces was a big hint that his upcoming single with Future was on the way.

Our sources tell us Drake just dropped over $1 MILLION on a customized heart-shaped necklace, a pricey present for himself.

Drake commissioned Gemma Fine Jewelry to make the chain, which comes in at a whopping 100 carats. We're told the piece took several months to create -- heart-shaped diamonds are in high demand, and are extremely difficult to fashion.

Champagne Papi's adding to a growing collection of heart-shaped bling ... he's already got a diamond ring in the shape of a heart. Seems like this design is his new thing.

As for the increasing rumblings of a Drake and Future album, check out their matching gold and silver pendants. We're told the pieces, made by Jason of Beverly Hills, are each worth $200,000 and feature over half a kilo of gold and 40-carat diamonds.

Drake and Future had them delivered last month in Atlanta, just in time to shoot a new music video for their single "Life is Good" which dropped Friday.

TMZ.com

The matching pendants depict an owl and eagle side-by-side. As you know, the owl is the symbol for Drake's label, OVO, and the eagle is the symbol for Future's label, Freebandz.

Sooo ... whole album collab coming soon?!?

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