The winner of the US version of The X Factor is set to be $5m better off, according to show creator Simon Cowell.

The mogul has revealed that as well as scoring a much-coveted recording contract, the winning act on the show will also pocket a $5m cash prize, and also be featured in a Super Bowl commercial for Pepsi.

Previously Fox, which will broadcast the show, had said the prize was a $5m recording contract.

However Cowell has now said there will be a cash payment as well as the recording expenses provided.

The show is set to debut on US screens this autumn, with Cowell on the judging panel along with Paula Abdul, Antonio ‘LA’ Reid and Nicole Scherzinger – who replaced Cheryl Cole following her short-lived stint as a judge.

It will be presented by T4’s Steve Jones.

The Pepsi ad deal could potentially give the winner a huge career boost when it airs next February on NBC.

The final of the football championship is known as the advertising world’s biggest showcase in the US due to its massive viewing figures. In 2011 it received a record audience of 111m.