Simon Cowell is reportedly negotiating a deal for American Idol which will see him become TV’s highest earner ever, pulling in £100million a year.

The Daily Mirror reports that the deal is being set up with the Fox network and will quadruple his current £25 million per annum for his work on the show.

The deal is being negotiated by his new business partner, the Topshop creator Sir Philip Green.

But Cowell was cautious about the mega-deal. He told US TV show Extra: “Nothing has been signed yet. We’re talking to Fox. We have a good relationship with them.”

The Mirror suggests that Cowell is seen as essential to the survival of the ailing American network, which makes £450million a year from advertising on American Idol.