With a stellar performance as a music icon in 'Country Strong,' followed by live performances on the CMA Awards, Grammy Awards and Oscars, Gwyneth Paltrow was on a country music roll. But that momentum now seems to be slowing down. The Oscar-winning actress was rumored to be considering a record deal worth close to a million dollars with Atlantic Records but, reportedly, the label has taken the offer off the table.

"Atlantic was not the only company pursuing her, and she still has not decided if she wants to record an album," a rep for the actress tells the New York Post, adding that it "is still something she is considering."

Earlier, the married mother of two (husband is Coldplay frontman Chris Martin) said she was strongly considering delving into the recording industry. "I haven't signed anything but I'm thinking about it," Gwyneth admitted on 'The Ellen DeGeneres Show' (quote via RadarOnline.com). "I have to get my head around the concept of it and how I would want to do it ... Do it in a right way."

In spite of starring in several blockbuster films, the idea of pursuing a professional singing career is a bit daunting for the 38-year-old. "I think, 'How would I do that?' Just a record by myself feels a little scary to me," she admits. "I would like to in theory, but we'll see."

As if acting and singing weren't enough, the California native released her very first cookbook this year, 'My Father's Daughter: Delicious, Easy Recipes Celebrating Family and Togetherness,' as a way to pay tribute to her late father, Bruce Paltrow.

"[The book is] about how we found this love of cooking together and about his sort of bringing our family together and to look for joy, like having a great glass of wine or a great meal with the people you love," she tells The Boot. "That was sort of the impetus to write the cookbook. Between that and everything else, my plate's full right now."

Gwyneth can next be found on the big screen in her upcoming film, 'Contagion,' co-starring Matt Damon, Kate Winslet and Jude Law. The movie is scheduled for a fall release.