Bailey will release a cover of Demi Lovato's hit song 'Skyscraper' as her winner's single, following her victory over Nicholas McDonald in tonight's (December 15) final.
Bailey's 'Skyscraper' is now available to download from iTunes in the UK and will receive a physical release on Wednesday (December 18).
The CD single will feature recordings of three of Bailey's best X Factor performances - 'The Power of Love', 'Make You Feel My Love' and 'No More Tears'.
On her victory, Bailey said: "I'm still in shock but all my dreams have come true tonight. I'm overwhelmed by all the support I've received and wish I could thank everyone individually for making this such a special moment for me.
"I love my single and with the proceeds from it going to such great causes, I really couldn't be happier."
Meanwhile, her mentor Sharon Osbourne added: "I always knew Sam could be our winner and I'm so proud. She represents what The X Factor is all about.
"'Skyscraper' is such a powerful song and to quote my good friend Lou Lou she has completely made it her own."
Syco will donate 100% of its profits from the sales of each CD single and download to be shared equally between Great Ormond Street Hospital Children's Charity and Together For Short Lives.
A selection of music retailers will also donate their share of profits to the chosen charities, including Vevo, Spotify, Google Play, Tesco, Sainsbury's, HMV, Morrisons and Asda.
The government has also agreed to waive the VAT on sales of this year's winner's single.
Chancellor George Osborne commented: "Together for Short Lives and the Great Ormond Street Hospital Children's Charity provides support to vulnerable children and their families at an important time.
"I want to make sure these charities really benefit with as much money as possible going to them – that's why I am giving back the tax paid on sales of the winning single."
Bailey's version of 'Skyscraper' is widely tipped to become this year's Christmas number one when the official chart is unveiled next Sunday (December 22).
The X Factor: Sam Bailey's journey