ITV bosses have offered Holly Willoughby around half Fern Britton’s salary to become the new presenter of This Morning, according to the papers.

The Sun reports that the 27-year-old – who co-presents Dancing On Ice with Phillip Schofield – has been offered around £400,000 to join the ITV1 show.

However the Mirror reports she has been offered a contract worth £250,000, and that a deal will be finalised next week.

Fern – who leaves This Morning on July 17 – has been on a salary of £750,000, the same as co-host Phillip Schofield.

“ITV are seeing the changeover of presenters as a way of saving cash,” an insider told the paper.

“Phil is on £750,000 but they can’t trim his wages as he is locked into a two year-deal. Also, taking the job would be a big step up for Holly, so £400,000 seems about right.”

The insider added that producers on This Morning are attempting to cut costs elsewhere in order to help pay for the show’s popular experts, such as Dr Chris Steele and Denise Robertson.

There have also been rumours of other people being axed from the show to save more money.

ITV bosses are currently trying to work out how to fit Holly’s other commitments – which also include presenting The Xtra Factor on ITV2 – around This Morning.