A massive 24 million pound deal has been offered to Simon by agitated bosses at ITV who warn ‘take it or leave it’, according to The Mirror.

ITV have offered the expensive deal in hopes that the X Factor judge will stick with the channel for the next three years.

The music mogul, 50, declared last week that he is prepared to drop both X Factor and Britain’s Got Talent, much to the shock and distress of ITV London headquarters.

The ultimatum was decided upon after weeks of drawn-out talks between the two parties.

One source said: “Everyone knows how important Simon is to ITV, so we’ve been walking on egg shells trying to get him to sign up for a longer deal.

“But with an offer like this on the table, several people are a bit fed up with his stalling.”

Bosses, including new chief executive Adam Crozier, are already encouraging staff to think up ideas for Saturday night shows in case Simon turns down the offer.

The package offered to Simon is one of the best in TV history and, if accepted, would make him Britain’s highest paid star once again.

The amount offered to Simon may seem vast, however his shows make an estimated £200 million for ITV every year.