The three-year deal marks the first time Sony Computer Entertainment Worldwide Studios has licensed its titles to be published by a third party on mobile.
SCE has previously released mobile versions of games like Ratchet & Clank through its Sony Pictures Digital unit.
Player X will release Buzz! in the autumn, with Destruction Derby following in early-2009. Both games will be supported by an integrated cross-platform marketing campaign with SCE.
Buzz! titles for PlayStation 2 have now shipped more than five million units across the PAL region, along with a further 1.25 million units in the Buzz Junior range.
The first Buzz! games for PS3 and PSP are set to arrive in July.
Michael Denny, SVP of SCE Worldwide Studios Europe, said: "The creative proposals that came through from Player X were very encouraging and in line with what we are hoping to do with these two licences.
We are looking forward to seeing our games reach new audiences as well as those who are already acquainted with our titles.”
Tony Pearce, CEO of Player X, added: "We are delighted to be working with SCE WWS on this. They are hugely enthusiastic about the mobile sector and Buzz! fits in perfectly with our gameshows roster. What's more, everybody knows Destruction Derby is a great racing game. We have huge hopes for both titles."
Player X recently extended its distribution footprint with the purchase of Spanish games publisher and aggregator Gaelco Móviles.
The deal signaled the start of a major reorganisation that saw Player X split its distribution and publishing activities into seperate wholly-owned units - Player X Distribution and Studio X, respectively.