Nicole Scherzinger is set to sign a $5 million record deal.

The X Factor judge, who first shot to fame with the Pussycat Dolls, will release her new solo album with Sony next year and is expected to rake in millions more from a string of commercial jobs.

"Nicole was the most popular member of the X Factor panel this year and is the real winner in terms of bankability. She is set to sign with Sony and can't wait to get back to her music, which took a back seat during X Factor," a source said.

Nicole also has new multi-million pound deals with fashion range Missguided and Herbal Essences on the cards.

It is set to be a big year for the 35-year-old but her biggest decision will be whether to return to the ITV talent show or stay focused on her music career. "She's torn between the two - she loves the show and loves working on it but is conflicted. She is taking time out at home with her family to decide what move is best to make," the source added.

Show bosses are said to be keen to see her back as a mentor, with a new line-up which is expected to include Cheryl Cole.

Nicole's new album will hit the shelves early in the summer and Sony are believed to be announcing further details in the next week.

The brunette beauty had a string a solo hits after she Pussycat Dolls split in 2010, including "Don't Hold Your Breath" and "Right There."