NEW YORK (AP) - Coming in fourth place on American Idol isn't so bad.

Chris Daughtry, who was voted off the Fox talent contest's fifth edition in an elimination round, has signed with music mogul Clive Davis in conjunction with 19 Recordings Unlimited, the label managed by Idol creator Simon Fuller, RCA Records announced Monday.

The 26-year-old North Carolina native will form a band "and has already begun to work with A-list collaborators" to write and record material for an album, expected to be released later this year.

Daughtry turned down an offer to be lead singer for the band Fuel last month. His raspy vocals can be heard on the American Idol: Season Five compilation CD, which features his popular cover of Bon Jovi's Wanted Dead or Alive.