One Direction set for 'massive payday'

One Direction are reportedly set for a $77 million windfall.

The English-Irish boyband are preparing for the release of their third album and according to UK newspaper The Sun royalties are going to jettison their individual bank accounts into the eight-figures.

Bandmates Niall Horan, Zayn Malik, Harry Styles, Louis Tomlinson and Liam Payne are also working on their upcoming movie, 1D In 3D, and have reportedly worked out a lucrative promotional deal with Pepsi.

"They'll each get £10million [$15.5 million]," a source told the publication, adding, "Striking while the iron is hot is key."

A spokesperson for One Direction's record label said earlier this week the singers are still "very much working on their new album".

There is still no release date for the upcoming record.

One Direction will again be teaming up with collaborators McFly's Tom Fletcher and producer Julian Bunetta on the disc.

"[We were] hanging out, working on a few new things," the producer told MTV last month about the studio sessions.

"Obviously, we're working on new music, but they didn't say what the new music is for. It might be for nothing. It might only be for my ears…or it might be something that gets put out for the world to hear."

One Direction are currently on their Take Me Home world tour, which kicked off in London in February.

The band will play throughout Europe this month before jetting to Mexico, the US and Canada this summer. They will play Australia and New Zealand in September and October before closing out the trek in Japan November 3.