West, who now goes by the name Ye, purchased nearly all 4,000 toys that will be given away at an event Sunday on the south side of Chicago.
The giveaway started Sunday afternoon.
Chicago restaurant owners, numerous city officials, community leaders and residents also contributed to the toy drive.
"I'm so proud that Kanye is, once again, responding to our request to help the children of Englewood and beyond. He is no stranger to our community. His presence has always been felt in our neighborhoods and he loves visiting, but this Christmas he has truly been our modern-day Santa Claus," said Chicago Alderman Stephanie Coleman.
Each family will be treated to food, games and prizes while waiting for their toys.