“I’ve Been Waiting” was intended to be the first official single from the album Diamonds by Lil Peep & iLoveMakonnen. The song was released as a single on January 31, 2019 and features the pop punk/emo-pop band Fall Out Boy.

The first snippet of this song was shared by iLoveMakonnen in January 2017, originally for Drink More Water 7 as a solo song. After he met Peep, Makonnen let him hop on the song, with various snippets of the collaboration being previewed & referred to by fans under names such as “Make Me Die,” “Can’t Forget” and “Makonnen Pie.”

On May 19, 2017, XXL magazine interviewed Lil Peep, during which Peep stated:

One of my favourite hip-hop artists is Makonnen. One of my favourite bands is Fall Out Boy. You put those two together and that’s Lil Peep [laughs].

This statement from Peep was posted and teased on all of his social media’s on January 29, 2019.

It was officially announced on all Lil Peep’s social media on January 30 that the song would release the next day at 1 PM EST.