The 17-year-old Scottish singer, who finished second to Sam Bailey in last year's final, has signed a deal with Sony's RCA label.
Nicholas is the first X Factor finalist from last year - apart from winner Sam - to land a record deal.
Breaking the happy news to fans on Twitter, he said: "I am so happy to tell you all that I'm now signed to @RCARecords & my album will be out in 8 weeks time! Who is all going to buy it?"
We reckon Nicholas, who was mentored in the competition by judge Louis Walsh, will have plenty of fans buying his new music!
In the full voting statistics that were released after the final, Nicholas topped the leader board for three weeks, and received the second most votes in the seven remaining weeks.
Nicholas, Sam and six other finalists from last year's line-up - Abi Alton, Hannah Barrett, Luke Friend, Rough Copy, Sam Callahan and Tamera Foster – will soon be heading on the road for The X Factor's tour, which kicks off in February.
Watch Nicholas' X Factor audition below: