Talk show host and "American Idol" judge Ellen DeGeneres is setting up her own record label with plans to find and sign up new artists.

DeGeneres, who joined "American Idol" in January, will announce on "The Ellen DeGeneres Show" on Wednesday (May 26) that she is starting a record label -- eleveneleven -- and signing up 12-year-old YouTube sensation Greyson Chance as her first artist.

Chance, from Edmond, Oklahoma, was spotted by DeGeneres after posting a video of himself playing the piano and singing Lady Gaga's hit song "Paparazzi" at a sixth grade music festival on the web.

He was invited to appear on the DeGeneres' show on May 13, sparking huge interest in his video which has now been viewed over 20 million times.

Chance has also posted two original compositions on YouTube -- "Stars" and "Broken Hearts."

"Greyson... inspired me to start a record label called eleveneleven. He is my first artist and we are making a record together," DeGeneres said in a statement.

DeGeneres said she will continue to use her show as a platform to find new artists, whom she will sign to eleveneleven. The record label is being set up in collaboration with Telepictures Productions.

Guy Oseary, Madonna's manager, and Troy Carter, Lady Gaga's manager, have signed on to co-manage Chance.