The twins will represent Ireland at the competition in May with their track 'Lipstick'. The Sun reports that the £500,000 deal will see the track feature in Hyundai's commercial for South East Asia.
"We didn't think anyone in that part of the world had heard the song," a source told the paper. "The lads are caning it in Europe ahead of Eurovision, so it was a surprise to be asked by Hyundai.
"But the money is good so whatever happens in Düsseldorf in May they'll be winners."
The paper claims that the X Factor duo, managed by Louis Walsh, are on course to make £3m this year thanks to their sold-out tour dates and ad campaign for moneysupermarket.com.
Last year, it was suggested that both John and Edward Grimes had already made £1m each. The new advert featuring 'Lipstick' is expected to premiere on April 1.
Reports that the advert will feature Inception star Leonardo DiCaprio have been denied by the star's spokesperson.
> Jedward 'taking Eurovision seriously'
Watch the Jedward 'Lipstick' music video below: