Create entity reference node if does't exist - just like taxonomy term

When non-existent taxonomy term is entered in Autocomplete textfield it is automatically created.This is done without any "add new" button or "dialog form".

Is this possible when entity reference field is refer to Node.

I already gone through https://drupal.org/node/1942450 and https://drupal.org/node/1540944, where possible solution is to use modules like Inline entity from/References Dialog/Entityconnect, which provides only "add new","edit" and "Dialog" options without direct autocomplete entry option.

It would be nice if option is provided in entity reference field to expose radio button option to privileged user while node creation.

Existing
Create New

.
This will be helpful when nodes will be having same title but are identical.

ex.
Two content types Album and Songs.
Songs will have only default fields like Title,Body (no custom fields)
Album will have Entity reference field which refer to Songs nodes.

Album node/1
Title - One love(1992)
Song - It's My Life

Album node/2
Title - Crush (2000)
Song -It's My Life

Here songs It's My Life are both different with same title.