By Selena Hill (staff@latinospost.com) | First Posted: Aug 26, 2013 12:13 PM EDT

After months of hearsay without any legitimate updates, we were starting to wonder if superstar rapper Eminem would actually drop a new album this year, but fear not Slim Shady fans: the hip-hop icon announced the name and release date for his eighth studio LP Sunday in a commercial during the MTV Video Music Awards.

Eminem's official website states that his upcoming record is titled "MMLP2" and that it will be released Nov. 5. According to Entertainment Weekly, a rep at his record label Interscope confirmed the name of the album stands for the "Marshall Mathers LP 2."

Em fans are also in for another treat. The rapper's new single, "Berzerk," will be on sale via iTunes on Tuesday at 12:01a.m. EST. The song was produced by Rick Rubin, who also co-produced the entire album with Slim Shady's longtime collaborator Dr. Dre.

Eminem has answered the calls of fans who have been patiently waiting for the Grammy Award-winning rapper to release his first new music and new full-length since his last platinum LP in 2010. His last album, "Recovery," won a slew of awards and sold more than 5.7 million copies worldwide, making it the best-selling album of 2010. The album peaked at No. 1 on the Billboard 200 and featured the smash hit "Love the Way You Lie" with Rihanna, which topped the Hot 100 for seven consecutive weeks.

Shady's new ablum announcement also came with a snippet of the new song. Check it out below: