Rumors have been swirling for weeks now about whether or not Oscar Award winner Gwyneth Paltrow will be signing a record contract after her lead role in 'Country Strong' where she played a country music phenomenon.

Tuesday morning (March 8), rumors were laid to rest when Atlantic Records proudly announced they have signed the actress to her first deal, reportedly valued at $900,000.

Besides her role in 'Country Strong,' the actress and singer has been making other musical appearances in recent months, including performances on 'Glee' and the Grammy's where she joined Cee-Lo Green on his hit song, 'Forget You.' Back in 2000, Paltrow also dabbled with singing when she starred in the film, 'Duets.'

With her new record deal, Paltrow is set to record and release her first full-length album. The NY Post spoke with a source about the new music Paltrow is working on, which they call "country pop."

Other impressive names signed under the Atlantic label include Kid Rock, Death Cab For Cutie, T.I., Jason Mraz and James Blunt.

Look for Paltrow to make her second appearance on 'Glee' this evening, as she plays the role as teacher Holly Holiday on tonight's episode, 'Sexy.'