The Web site said sources confirmed the deal between Toscano and Interscope Records.
"Interscope brass started calling every top songwriter and producer in town to get an album together and rush release it," the source said.
Toscano's departure from the popular Fox TV talent competition Thursday night surprised many fans, but Interscope reportedly had her signed by Friday morning.
Interscope is chaired by producer Jimmy Iovine, who has been a mentor for "Idol" contestants over the years.
Celebrity Families of 2014 [PHOTOS]