For about the past six weeks, Gomez has been dubbed "the next Miley Cyrus," with Disney execs hoping to fast-track Gomez into even bigger stardom because they were getting nervous about some of the controversies surrounding the Hannah Montana star.

The 15-year-old Gomez stars in the Disney Channel hit Wizards of Waverly Place.

"It's a little overwhelming, but I think really, it's a compliment," Gomez told me of the Cyrus comparisons. "She's obviously extremely successful, and I think she's a wonderful performer…So being compared to her, I was very, very flattered."

I caught up with Gomez on Saturday over some Crumbs cupcakes at a press day promoting her upcoming fall movie, Another Cinderella Story. (I'll have more on the flick closer to its September release.)

Gomez and Cyrus have even had a good laugh about their so-called feuding. "We're literally like, It's fine. It's all good," Gomez recalled. "She's Miley and I'm Selena."

No doubt the comparisons will fire up again when Gomez's first album debuts. However, if it's up to Gomez, you won't find her doing it alone. "I'm not going to be a solo artist," the Texas native insisted. "I want to be in a band with four other guys."

Gomez is keeping mum on a release date because her record deal isn't official yet. "Soon, soon, soon," she said with a laugh. "I can say that for sure."

Gomez's rise in Hollywood isn't the only thing she's celebrating these days. She's got a party planned for her Sweet 16 in July.

"I'd like to have a huge, fun and crazy cake," Gomez said. "I kind of want a Mad Hatter style cake like Ashlee Simpson and Pete Wentz's [wedding] cake. I want to have karaoke, and I'm going to have a photo booth. It's going to be really just strictly family and friends."