imageMichael Phelps’ bank account just got fatter.

The Olympian, fresh off his record-setting haul of eight gold medals in Beijing, inked a deal with the Free Press imprint of Simon & Schuster for a $1.6 million advance on a book to be called “Built to Succeed.” And nearly as fast as Phelps himself, the book will hit stores in December. He’s already picked up a $1 million bonus from Speedo and is expected to take about $10 million by year’s end.

In the book, which is being called an “inspirational memoir,” the publisher said that Phelps will reveal the secrets of his success, and give a behind-the-scenes look at his approach to training, competition and winning. The narrative thread is expected to be the eight final swims of the 2008 games.

The media juggernaut that is Phelps also appeared on the Aug. 25 issue of Sports Illustrated with his eight golds draped across his bare chest, a remake of the Mark Spitz cover in 1972. But true to form, Phelps has outdistanced Spitz there, too. He’s snagged five SI covers to three for Spitz.