It was a busy day for Adam Lambert.

The American Idol eighth-season runner-up has signed a recording contract with 19 Recordings/RCA Records and is set to start working on his debut album, which is currently scheduled to drop this fall.

The announcement comes on the same day that Lambert formally revealed he's gay in a Rolling Stone cover story interview in this week's issue of the magazine.

"There are no longer any rules in terms of where the world's next superstars may come from," said RCA/Jive Label Group chairman Barry Weiss. "We are thrilled to be getting involved with Adam Lambert as we all at RCA Records believe he is one of those rare, future global stars."

Lambert -- who had been widely considered to be Idol's eighth-season frontrunner -- was defeated by Kris Allen during last month's live finale broadcast of the Fox mega-hit.

"To find a talent as exceptional as Adam Lambert is a rare and special event," said Idol creator and 19 Entertainment founder Simon Fuller. "I am thrilled that American Idol was the platform for the world to discover this brilliant young man. He is unique and unforgettable and a certain star of tomorrow."

Earlier this week, Allen inked a recording contract with 19 Recordings, with his debut album currently slated to be released by Jive Records this fall. 

"I'm thrilled that we've come to a creative and collaborative partnership and look forward to developing a really exciting album," said Lambert about the deal. "We are 100% on the same page and are all anxiously awaiting the start of the recordings. It's going to be ridiculous! Get Ready!!!"

Lambert will be recording his album over the summer while also participating in the annual American Idol concert tour, which will kick off July 5 in Portland, OR and culminate on September 15 in Manchester, NH.