I'm gonna chase you out of Earth
It’s a double entendre.
Lucifer (brightest planet during the day) is the ‘sun’ of the morning since it’s bright like the sun. He’s saying he’s hotter/brighter than it, meaning he’ll it out of business.
Lucifer (Satan) is being sent out of Earth by Jay-Z because either, Jay-Z is badder than him or he’s a good guy and is the savior — Jay later discusses chasing the them out of his head.
This is a sample Kanye grabbed from Max Romeo’s 1977 Reggae classic “Chase the Devil.” The original talks about chasing the devil off earth for all of the wrong he/she done to humanity.
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