One Direction have signed a big money contract which will see them continue until at least 2016.

The 'Best Song Ever' boy band - consisting of Niall Horan, Zayn Malik, Liam Payne, Harry Styles and Louis Tomlinson - are set to pocket £10 million after agreeing to a major new deal with Simon Cowell's Syco and record label Sony for three more albums.

The group, who are set to release their third effort 'Midnight Memories' in November, will follow up the record with two more studio albums and a greatest hits collection. They will also embark on more world tours in addition to their 'Where We Are' world tour next year.

A source told The Sun newspaper: ''This is a big deal for Simon and the lads. It shows confidence that they have a long-term future and that a split or members going solo is highly unlikely. It will easily keep them busy until the end of 2015 and probably 2016 too.

''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.''

The 'Little Things' hitmakers have enjoyed huge success since shooting to fame in 2010 on the UK version of 'The X Factor'. Their merits include two hit albums, two tours and a recently released 3D concert movie.

A spokesperson for Syco confirmed the news, saying: ''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. Simon and the band look forward to many years of continued success together.''