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Does Idol's Pia Toscano Already Have a Record Deal?

Pia Toscano, American Idol Ray Mickshaw/Fox

Has "something better" already arrived for Pia Toscano?

Just days after her shocking elimination from American Idol (and Jennifer Lopez's consoling comment about better things to come), reports are circulating that Toscano has signed a record deal with Interscope Records.

Is it true? We've got the scoop on the situation...

MORE: Pia Toscano's Idol Elimination Shocked Everyone But Pia Toscano, Who Says She "Kind of Expected It"

Toscano's rep tells us that chatter about a done deal is "all rumor," but E! News has learned that while a record contract hasn't been signed just yet, Interscope does want to produce a single with Toscano and release it while American Idol is still on.

19 Management has yet to approve this, however.

Once 19 Management figures out their marketing plan for Toscano, though, Interscope Records exec Jimmy Iovine wants to get her in the studio to record a single asap, according to an Idol insider.

Toscano would likely work with a few producers to find the right song for her, including Idol producers Rodney Jerkins and Rock Mafia (Tim James + Antonina Armato). Rock Mafia, who have worked with contestants James, Stefano, Lauren and Haley, produced Pia's memorable performance earlier this season of Elton John's "Don't Let the Sun Go Down."

"Pia wants a song that captures that kind of magic," our source said.

—Additional reporting by Claudia Cagan

WATCH: Pia's shocking American Idol elimination

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