Simon Cowell has been offered £20m (€24m) to renew his ITV1 contract.
The music mogul – who announced plans earlier in the year to launch ‘The X Factor’ in the US – is reportedly set to sign a new multi-million pound deal, which will see him stay with ITV1 until 2013.
An extra £4m (€4.8m) will also be invested in the UK version of the talent search show in a bid to encourage the fiery-tongued judge to stay at the channel.
Simon’s close friend Sinitta has admitted she doesn’t think he will quit either ‘X Factor’ or ‘Britain’s Got Talent’.
She said: “The guy is a workaholic. I think he enjoys complaining as much as he likes working too hard. I think he’ll do both. He’ll be tired and then just take a big holiday.”
This comes after the reality television judge recently revealed he may not be doing any shows in the UK next year.
He said: "At the moment you are going to see me doing one show next year - and not one in England. I have a contract for this year and that is it."
The multi-millionaire is due to start filming the US version of ‘The X Factor’ in September, when the British talent show should already be in full swing.
Simon explained: “It will have to move. Do people want it back? I am going to sit it out for a few more weeks before I make a final decision. And it has to be fun. The minute it stops being fun, bye bye."