Interscope Records has announced it has inked a record deal with Toscano and her debut single "This Time" will be released on Tuesday, July 12.
"I am thrilled to be joining the Interscope and 19 Recordings family," the tenth-season American Idol finalist said in a statement.
"[Interscope Geffen A&M Chairman] Jimmy Iovine was an amazing mentor during my time on Idol and I'm looking forward to working with him and everyone at Interscope Records and 19 Recordings. This is a dream come true."
Toscano's debut album, which she is currently working on, will be released later this year
Toscano will perform "This Time" during theAmerican Idols Live! 2011 tour this summer, which kicks off outside of Salt Lake City, UT tonight and will continue for just over two months before coming to a close on September 10 in Rochester, NY.
"This Time" was written and co-produced by Esther Dean, who is known for writing hits for artists including Katy Perry; Rihanna; The Voice coach Christina Aguilera; and tenth-season Dancing with the Stars champion, former The Sing-off judge and upcoming The X Factor judge Nicole Scherzinger.
Toscano -- who had widely been considered the favorite to win American Idol's tenth-season title -- was the fifth finalist eliminated from the competition. The singer's early exit, which shocked Idol fans back in April, determined the season's Top 8 finalists and was based on home viewer votes.
Reports that Toscano had already landed a recording contract with Interscope Records first surfaced a day after her American Idol ouster, but the record label and the 22-year-old from Howard Beach, NY both denied the claims.
"This Pia thing is all just a rumor," an Interscope Records spokesperson told USA Today at the time.
"I really don't -- I don't know yet what's going on with that," Toscano told MTV News in response to the reports. "Hopefully, good things... I've been so busy that I haven't met with anybody right now. Seriously. I'm looking forward to any opportunities that are to come but I'm really just focused on the tour right now."