Taylor Swift: A "Fairytale" Performance at the Grammys?

Find out what the songbird will be singing on music's biggest night

We've heard—and bought—Taylor Swift's new song, "Today Was a Fairytale," on iTunes, but it's looking like we'll get even more of the goodness at the Grammys.

Sources tell me that songbird superstar will perform the single at the Jan. 31 awards show along with her megahit "You Belong With Me."

Swift wrote "Today Was a Fairytale" for Valentine's Day, the upcoming celeb-studded romantic comedy she appears in opposite Taylor Lautner.

The tune, of course, is included on the movie's soundtrack, as is her song, "Jump Then Fall"…

Watertower Music, the label releasing the soundtrack, predicts they have a hit on their hands.

"I think [the soundtrack] is going to do better than most because the Taylor engine is so powerful," label honcho Jason Linn says. "And the song couldn't be more appropriate for Taylor. The title alone describes her life right now, don't you think?" (Linn, however, declined to comment about the possible Grammy performance.)

The Valentine's Day soundtrack, out Feb. 9, also includes original Jewel song "Stay Here Forever," along with tunes by Amy Winehouse, Maroon 5 and Joss Stone, among others.

For more Grammys goodies, check me out making some predictions at CNN.com.