The One Direction bandwagon is in full swing after the phenomenal boy band signed a new multi-million pound record deal with Simon Cowell's Syco label.

Harry Styles, Liam Payne, Zayn Malik, Niall Horan and Louis Tomlinson owe all their success to Cowell - the X Factor judge first created the group in the UK version of the singing competition; and although the five boys didn't win the contest, Cowell took the leap and signed them with his own record label.

Now, the boys have not only made their mark in the entertainment business, but they've also raked in enough moolah for Cowell. So much so that music biz executive offered 1D a multi-million record deal extension. According to Metro UK, the boys signed an estimated £10 million record deal with Syco, allowing the label to work with 1D for a good few more years.

"Simon Cowell and One Direction are delighted to confirm they have agreed to continue their hugely successful relationship with a new long-term agreement with Syco," a Syco spokesman confirmed. "Simon and the band look forward to many years of continued success together."

The record deal will include three more albums and a greatest hits collection. Cambio notes that after the release of Midnight Memories, the lads will be releasing two more records between 2014 and 2016. Moreover, a source told The Sun that Simon and One Direction are already planning the boys fourth album even if their album is still to be released on November - wow, that's dedication!

"The boys, Simon and their team have already started planning for their fourth album, even though the third isn't out yet," a source told The Sun, as noted by Heatworld.com.

The source also noted that 1D will be getting big payout. "It's worth a lot of cash too. They'll get a big upfront payment worth millions then much more from record sales, tours, brand tie-ins and merchandise."

One Direction's third studio album, Midnight Memories, will be released on Nov. 25.