Their manager, X Factor judge Louis Walsh, is lining the Irish boys and himself up for a massive pay rise with their new deal.
In return for so much money the four remaining members of the boy band will churn out another five albums.
A source told the Sun: "Westlife's current record deal with BMG is about to expire. Sony and BMG have merged since their last talks so bosses flew to Belfast last week to talk money with the boys.
"Louis wanted �5million for each of the lads - and himself - just to re-sign the band to SonyBMG.
"He also wanted a 60/40 profit split between themselves and the record company - with the boys getting the higher cut."
Despite making crap music, the Westlife boys have scored 12 number 1 singles and must have made BMG a fair few quid throughout the years�but can we really handle five more albums?
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