Mike “The Situation” Sorrentino has one pretty nice situation set up for 2010. According to the Hollywood Reporter Mikey boy is set to  earn a  whopping FIVE MILLION DOLLARS during the course of the 2010 fiscal year.

Mike Sorrentino should change his name to “The Corporation.”

As the sophomore season of MTV’s pop-culture phenomenon “Jersey Shore” continues to gobble up the biggest ratings the network has seen in seven years — answering the prayers of the many of its executives who spoke of a gloomy prognosis before the “Shore” — breakout star Sorrentino (aka the Situation) has jumped at the opportunity to capitalize on his fame. By year’s end, the 29-year-old stands to earn more than $5 million, a source familiar with his finances told THR.

Amid hefty and much-publicized salary negotiations for Season 3, the source confirmed that Sorrentino is earning close to $60,000 an episode after bonus incentives, based on ratings, and event-appearance fees from $15,000-$50,000 (which will bring him $1 million this year alone).

The New York native also has developed several products based on his much-touted six-pack: an abs-focused fitness video, “The Situation Workout,” and a chewable supplement line distributed in association with GNC.

Mike ‘The Corporation” indeed. I’m not mad at you playa, get that money!