One Direction have penned a new record contract with Syco.

The British stars have enjoyed huge success on Simon Cowell's label since forming on the UK X Factor in 2010.

The group are due to release their third album in three years, Midnight Memories, on November 25 and it looks like the One Direction juggernaut isn't going to stop there.

A spokesperson for Syco confirmed that the band have put pen to paper on a new deal that will secure the group's long-term future. They said: 

"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."

Reports have suggested that this deal includes two albums and a greatest hits collection.

Watch One Direction performing recently in Australia below: