JANET HOPES FOR A NEW FUTURE WITH OLD LABEL A&M RECORDS!

A&M Records is putting a lot of effort — and a ton of money — into the promotion of Janet Jackson's new greatest hits album, and with good reason. A source tells us the label quietly signed the pop star to a new recording contract last month.
"A&M wants this CD to remind people how great Janet is," says a snitch. "They're hoping it'll whet the public's appetite for Janet and pave the way for her new music."

It's a homecoming of sorts for Jackson — and perhaps an attempt to reclaim her glory days: She began her career at A&M at 16 and had her biggest U.S. hit under their management: "Janet Jackson's Rhythm Nation 1814" moved a whopping 8.5 million units in 1989.

Unfortunately, Miz Jackson didn't have quite the same luck at Virgin Records. She moved to the label in 1991 and started off with a handful of successful CDs, but 2004's "Damita Jo" and 2006's "20 Y.O." tanked. A move to Def Jam last year didn't help — her "Discipline" album proved to be one of
the biggest flops of her career, barely mining gold.

Just last night, she did an ABC interview in which she admitted that she tried to stage an intervention with Michael in 2007 and again earlier this year. She's also spoken to Rolling Stone and Harper's Bazaar since the King of Pop's death.

At least A&M exec Jimmy Iovine isn't deterred. Our source says he tapped music producer Rodney Jerkins — who has worked with everyone from Michael Jackson to Beyoncé — to oversee production on Janet's upcoming album. The CD, which is in the early stages of recording, is expected to drop in the second quarter of 2010.

"Jimmy has given the mandate to make this Janet record a success," says the insider. "He believes that he has the right team in place to finally take Janet back to the top of the music charts. It's a top priority for the label."