Tim McGraw and Taylor Swift are now labelmates. Just this morning McGraw announced that he signed a recording contract with Big Machine Records. In a press release, the country music legend explained how the deal -- signed on May 9 -- is the start of his next chapter.

“Many people know that I came to Nashville 23 years ago on a Greyhound bus with nothing but a guitar, and 23 years to the day, on May 9, I went back to the bus station and officially signed this deal," he said.

Big Machine -- which has a roster that includes big names like Swift, Reba McEntire and Rascal Flatts -- was founded by Scott Borchetta, whose father Mike signed McGraw to his first record deal with Curb. That relationship ended in November after a court battle.

"We have wanted to work together for years and I can't believe this day has finally come," Borchetta said in the press release. "His level of artistry, vision, passion and energy comes along only so many times in any given era and I can tell you with the utmost confidence that there are many, many important chapters left to write."

"Excited doesn’t even begin to describe how I’m feeling about working on a new album for this next chapter in my career," McGraw added. "Here’s to the next 20 years!”

While with Curb, McGraw sold over 40 million albums and recorded 32 No. 1 singles. No further details about when fans can expect new music from the singer were included in the press release. McGraw will begin a tour with Kenny Chesney on June 2 in Tampa, Fla.