With her film career and bank account busted, Lindsay Lohan’s recording contract might be the next thing in her life to fall by the wayside. Despite reports that Lindsay is shooting the first music video from her pending third album, Universal Music Group insiders claim the lazy ho-hopper hasn’t recorded one note for the new album. And the label isn’t happy about it. In fact, Universal’s heads are ready to release the actress from her contract.

“She told Universal she’d have some material by January 1st, but she’s done nothing. Instead of working with producers, she ran off to Capri to party it up,” a Lohan snitch reveals to Star Magazine.

“So many people are mad at her, especially Timbaland and 50, who were kind enough to say they’d help her out. Even Justin Timberlake said he’d work with her on a song, but she blew him. off. She shouldn’t waste this opportunity.”

The movies don’t want her. Where else does she have to turn?” (Good question.)