Simon Cowell's stateside edition of “The X Factor” is already giving its future winner something to sing about.

The competition, which premieres this fall on Fox, will award the winner a staggering $5-million record deal -- the largest guaranteed prize in television history -- the network announced Monday morning.

The record deal will be through Syco, which is a joint venture between Sony Music and Cowell.

With the record industry in a state of peril -- especially as album sales continue to plummet and with even digital sales hitting lows -- Cowell said there was some initial hesitation about handing out the record-breaking deal, one that greatly dwarfs the $1 million that winners on Cowell’s previous hit Fox competition, “American Idol,” earn.

“I think you should be nervous. The reason we decided [on the major deal] is to show the people who are auditioning that sometimes you have to put your money where your mouth is,” Cowell said in a conference call to reporters Monday. “Putting up that amount is a massive risk. It puts everyone under an enormous amount of pressure. But with that pressure, you have to find a star. I’m nervous, but I’m also confident. It’s a life-changing prize.”