Cowell has co-produced the movie featuring band members Harry Styles, Niall Horan, Zayn Malik, Louis Tomlinson and Liam Payne and will release worldwide next week.
"If 'This Is Us' turns out to be the massive smash, it will inevitably be, Simon knows he'd be mad not to make a second one," dailystar.co.uk quoted a source as saying.
"Simon believes there's more scope for the follow-up as Harry, Zayn, Niall, Louis and Liam grow older and so do their fans," the source added.
Even though nothing has been finalised yet, preparations for the sequel will begin soon.
"Although a One Direction sequel hasn't yet been signed off, cameras will continue to follow the group to record footage," a source said.
--IANS (Posted on 26-08-2013)