Gwyneth Paltrow Didn't Sign a $1 Million Record Deal – Yet

03/09/2011 at 01:00 PM EST

Gwyneth Paltrow Record Deal?
Gwyneth Paltrow
Dave M. Benett/Getty
From the Grammys to Glee straight to CD?

Reports have circulated that Gwyneth Paltrow has inked a record deal worth nearly $1 million.

But her rep tells PEOPLE, "There is no deal yet."

Still, the actress, 38, seems to be focusing a lot on music recently, especially after her turn as a fallen country music star in Country Strong and her Grammy duet with Cee Lo Green.

"Those who have heard [her] music say it's country pop," a source told the New York Post in a recent interview.

We can't help but wonder what Chris Martin thinks of all of this.

Reporting by JULIE JORDAN

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