Toscano is reportedly being courted by Interscope Records, and a deal could earn her millions.
"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," a source reportedly told Us Magazine.
But Toscano played down those reports to ABC News Radio, telling a reporter nothing had been signed – just yet.
“I did not expect to have the support that I have now. I'm just so blown away, thankful, and I hope to do my music and make everybody proud," she told ABC.
Toscano’s surprising elimination last week caused some of the other contestants to tear up, and prompted a sharp rebuke by judge Jennifer Lopez. She goes on tour this summer with the rest of the "American Idol" contestants, but says she’s excited about what her future holds.
"You don't know for sure why things happen, but you know, it did!" she told reporters during a conference call last Friday. "It was my time to go on the show and I'm excited to see what my future holds."