Gwyneth Paltrow’s talks for a record deal with Atlantic Records have crumbled, the New York Post reported Monday, citing sources.

In March, the “Country Strong” star was reportedly close to a deal with the label to record a country album.

But a source said, “Atlantic bosses were very interested, and [Atlantic owner] Warner chief Lyor Cohen was very supportive. But then the talks halted and the deal fizzled out. There was a rumor that Paltrow wanted $1 million to sign, but that is a ridiculous figure. Atlantic is still interested in signing her.”

It is believed the Oscar winner was distracted by other opportunities in her busy career, including possible movie roles and her new cookbook.

There are also rumors she might turn up for a few surprise appearances on this summer’s “Glee” tour.

Paltrow’s rep said, “Atlantic was not the only company pursuing her, and she still has not decided if she wants to record an album,” adding, it “is still something she is considering.”

Paltrow, 38, is married to Chris Martin, lead singer of the band Coldplay.

Source, Photos: Fame

PICS: Gwyneth Paltrow at RHS Chelsea Flower Show, on May 23, 2011 in London, England.