HE KEEPS ON ROLLIN’

River Phoenix, recording star? His agent’s denying any knowledge of it (and said she couldn’t locate his star), but the teen-age lead of “Stand by Me” supposedly has a verbal agreement with Island Records calling for a future on vinyl.

The rising Phoenix stars in Island Pics’ upcoming “Jimmy Reardon” (plus “Little Nikita” from Columbia and “Running on Empty” for Lorimar). Execs from Island’s record division heard a demo he had made plus a phone audition and decided to bet on the 17-year-old’s future.

“He’s always aspired to be a rock ‘n’ roller,” said Island Records pres Lou Maglia. “He’s not yet ready for a singing career, but we’re willing to make commitments for more than an immediate cash return. We’re looking to develop and nurture artists.”

Island A&R; rep Kim Buie said Phoenix could record as early as January--or it could take a couple of years (“We think he’ll be around a long time, so there’s no need to push him”). Singing has always been his first love, she added--”He just stumbled into acting.”