EXCLUSIVE: Kanye West 'in a Great Place' Ahead of New York Fashion Week Show: 'He Has Really Calmed Down'

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Kanye West is looking forward to his big New York Fashion Week show on Wednesday.

The 39-year-old rapper is showing his latest Yeezy collection with Adidas, and a source close to Kanye tells ET that he's "doing really good" ahead of the presentation. Just two and a half months ago, Kanye was released from UCLA Medical Center after spending nine days in the hospital, which one source at the time told ET was attributed to "sleep deprivation and exhaustion," and another source called "a mental breakdown."

However, Kanye has considerably "calmed down" since the incident, our source says.

PICS: Kim Kardashian Shows Off Her Tiny Frame in Waist Trainer, Heads to NYFW!

"Of course [too much stress] is a concern, but Kanye is doing really good," the source says. "He’s in a great place. He has really calmed down and is listening to what the professionals are telling him."

"He's not taking on too many projects and has only been concentrating on tomorrow's show," the source continues. "He’s focusing on his family and the line. They're all doing well."

The source confirms that Kanye's wife, 36-year-old Kim Kardashian West, will be in attendance at the Yeezy Season 5 show, as well as her younger sisters, 21-year-old Kendall and 19-year-old Kylie Jenner.

On Monday, Kim Instagrammed a pic of herself en route to NYFW.

"Kanye is excited for his show tomorrow," the source says. "His main focus is making this collection great, having his close friends and family there, and have the buyer have the most positive experience tomorrow."

However, media won't be allowed at the event --- particularly, after the well-documented hiccups at his Yeezy Season 4 show held on Roosevelt Island in September, which started an hour and a half late, and had some models sitting on the floor due to the above 90-degree weather. 

"They don't want another element to make more drama," the source explains. "The last fashion show on Roosevelt Island was a disaster, and the media made it even worse. They've learned they don’t need the media to make it even bigger. His focus is on getting the fashion community to accept the line and his creations. He is just focused on production elements of the actual show right now."

As for the collection itself, the source notes that Kanye's line will be more affordable to his fans.

"[It's] super casual at lower price points," the source shares. "You will see a lot of what he's been wearing already along with many wearable things ... it has a nice lineup of pieces that are very accessible to the everyday consumer."

On Sunday, Kanye's mother-in-law, Kris Jenner, said the "Famous" rapper missed the GRAMMYs this year because he was focusing on his NYFW show. "He's got a lot of work to do," Jenner said while co-hosting Live From the E! Red Carpet. "We wish he could be here!"

WATCH: Kim Kardashian Kept All of Her Old Outfits During Kanye West's Closet Purge for Daughter North

Kanye did step out in NYC on Saturday, showing off his freshly dyed platinum blond hair.

Watch below:

-- Reporting by Jennifer Peros