Toscano was voted off the current series of American Idol on Thursday in a shock elimination that has been lamented by numerous celebrities including Tom Hanks and Jennifer Hudson.
However, the 22-year-old is said to have already signed a record contract with Interscope and will soon begin work on her debut album.
"Pia is being signed to a deal with Interscope Records who are rushing her into the studio to record an album ASAP," a source told Us Magazine. "Starting [Thursday] night after the show, Interscope told her they wanted her and first thing [Friday] morning Interscope brass started calling every top songwriter and producer in town to get an album together and rush release it."
Toscano's pairing with Interscope Records has been described as "a done deal" at this stage.
On Friday, Toscano told The Tonight Show host Jay Leno that she was ready to move on from American Idol, claiming "It's a new day and I'm definitely in a better place now".
Watch Pia Toscano's shock elimination from American Idol below: