The "No Problem" hitmaker previously revealed the two Chicago, Illinois natives had spent some time working on new material in Wyoming earlier this year, where Kanye set up a secluded studio, but there was no timeline given for its release.
Last month, Kanye surprised youngsters attending Chance's OpenMike talent show event in Chicago by announcing that the seven-track album would be titled "Good A** Job", apparently teasing its upcoming launch.
However, Chance has now admitted he is completely in the dark about Kanye's plans for the songs they worked on, and he suspects the project has slipped down the list of the 41-year-old's priorities.
"I had talked to 'Ye when I was in Wyoming about making this (joint) project happen," Chance explained on The Joe Budden Podcast. "He was like, 'Yeah, we'll do a project together'. He came to Chicago and on, like, his third day (there), he told me... he was like, 'I'm never leaving'. And before that, he hadn't really posted a lot of s**t about him being in Chicago, so it (his visits) was very secret."
Shortly after his OpenMike appearance, Kanye took to Twitter to tell fans that he would be dropping his ninth album, "Yandhi", later this year - and Chance hasn't heard anything about "Good A** Job" since.
"As the attention started to grow around it (Kanye's latest announcement), it kind of made me realise that Good A** Job was more of a later thing, that he's still working on himself and on Yandhi and s**t like that," Chance shrugged.
The 25 year old also confessed he prefers his pal's older music, naming his 2004 debut "The College Dropout" and its follow-up, 2005's "Late Registration", as his favourite Kanye albums.
As for West's last solo project "Ye", which hit retailers in June, Chance admits he only liked it "a little bit", and when asked if "Good A** Job" will be worth the wait, he honestly replied, "I don't know."
"Good A** Job" isn't the only joint album Kanye has been developing - he also suggested a sequel to the 2011 album "Watch the Throne", his smash hit collaboration with Jay-Z, was also in the works.
"throne2 coming soon," he tweeted last month.