Well that was fast!
The 22-year-old New Yorker -- booted from the Fox series Thursday -- will record her debut album under the Interscope Records imprint, which is chaired by Idol mentor Jimmy Iovine.
"Pia is being signed to a deal with Interscope Records who are rushing her into the studio to record an album ASAP," a source familiar with the contract talks tells Us. "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."
As for the contract, the insider says, "Papers are being finalized. It's basically a done deal. She's signing. They rushed everything but she's so excited."
Though Idol fans are still coming to terms with her dismissal, Toscano -- who will hit the road this summer for the Idols LIVE! concert tour -- is taking her bad news in stride.
"You don't know for sure why things happen, but you know, it did!" she told reporters during a Friday conference call. "It was my time to go on the show and I'm excited to see what my future holds."