The 3D biopic, which will hit theatres this week, is destined to be a huge box-office hit, reported Daily Star.
Co-produced by Cowell, the movie features band members Harry Styles, Niall Horan, Zayn Malik, Louis Tomlinson and Liam Payne.
"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. "Simon believes there's more scope for the follow-up as Harry, Zayn, Niall, Louis and Liam grow older and so do their fans," a source said. Even "This Is Us" director Morgan Spurlock is said to be interested in a sequel.
"He would love to work with One Direction again. Their lives are so interesting there would always be a new story to tell," the source added.