Simon Cowell has reportedly signed X Factor boyband One Direction to his record label SyCo.

The music mogul, who mentored the five teenagers on the talent show, is said to have offered a multi-million pound record deal to the young singers, despite the fact they did not win the X Factor.

One Direction came third in the competition and after the boys were eliminated, Cowell hinted of the record deal, saying: "All I can say is this is just the beginning for these boys."

Cowell has reportedly enlisted the help of songwriter and producer Steve Mac, who has worked with Leona Lewis, JLS and Susan Boyle, and who already has over 20 No 1 singles under his belt.

Meanwhile Cowell has hinted of plans to create a new weekly UK chart show on terrestrial television to fill the void created by Top of the Pops being axed in 2006.