Lady Gaga is planning to buy a home in Martha's Vineyard.

The 'Alejandro' singer has taken an interest in a property on the exclusive island off the coast of Cape Cod in Massachusetts, America, and is rumoured to be in the process of completing the purchase, according to WWD.

The singer - real name Stefani Germanotta - was born in New York City but is reportedly looking for somewhere peaceful to return to when her epic 'Monster Ball Tour', which began in November 2009, ends in 2011.

Gaga is currently renting a $5 million mansion in the affluent Bel Air neighbourhood of Los Angeles for $25,000 a month.

The multi-bedroom property comes with one acre of grounds, a huge swimming pool and boasts stunning views across Hollywood and the Pacific Ocean.

If the eccentric singer does splash out on a home in Martha's Vineyard she can count various members of the Kennedy political dynasty, talk show host David Letterman and actor Larry David among her neighbours.