The actress unveiled her voice in the movie 'Country Strong' and has impressed in recent months with a series of live performances leading to her to start negotiations with Atlantic Records about releasing a country album.
A source told the New York Post newspaper: 'Gwyneth's agents have been talking to a number of labels about landing her a substantial record deal. Those who have heard the music say it's country pop. In recent weeks there have been discussions with Atlantic. Gwyneth is a very different name for Atlantic, and one who brings a lot of recognition."
If she does sign, the 'Iron Man ' star would be able to count Sean Paul, B.o.B, James Blunt and Kid Rock among her label mates.
Gwyneth ' who is married to Coldplay frontman Chris Martin ' most recently performed at the Oscars, singing a rendition of nominated song 'Coming Home' from 'Country Strong'.
She also duetted with Cee Lo Green at the Grammy Awards, with the pair performing a version of his hit 'Forget You'.
At the Oscars last month, the 38-year-old blonde revealed she wanted to work with Jay-Z ' who she and Chris are close friends with.
In an interview on the red carpet, she said: "I think Jay-Z and I would be a good combination. He is a genius - and I'm his biggest fan."
'Like' our facebook page and be entered into a draw to win 1000 CDs including rare, signed and promotional copies here!