American Idol who? The man who put Idol on the map now has a new gig–and it comes with a $500 million dollar contract. Simon Cowell has reportedly already inked a two year deal with Sony, which will tip his fortune close to the billion dollar mark.

According to the contract, Simon will launch Syco TV through Sony to produce and sell the formats for his ‘X Factor’ and ‘…Got Talent’ franchises. He’s also expected to sign a multi million-dollar deal with UK TV network iTV.

He said, “I have had a fantastic relationship with Sony for many years and I’m delighted we are launching this venture together.”

A source added:

“He is truly in the driving seat. He felt like an employee before, but now he has some real ownership and is thrilled to be side by side with Sony.”

The first project for Simon’s new company will be the launch of the US version of The X Factor. Despite speculation about who will appear alongside him in choosing the finalists, Simon insisted he isn’t going to rush into any decisions.

He explained to OK! magazine:

“In the UK we have 250,000 applicants every year and because there’s no upper-age limit and groups are allowed to enter, you get a lot of applications.

“So we gave ourselves time to set up the show in 2011, which also gives us some time to work out who the judging panel is going to be. I don’t want to make any commitments yet.”

This man keeps getting richer and richer. He needs to take some time off and write a manual to becoming a billionaire so the rest of us can follow in his footsteps.