Rich TV star Simon Cowell

Jul 15, 2009, 9:29 GMT

Simon Cowell -The music mogul is in talks with US TV network FOX to receive a staggering £100 million-a-year deal to appear on hit talent show \'American Idol\', a huge increase on his current £25 million-a-year contract. © Janet Mayer / PR Photos

Simon Cowell is set to become the highest-paid TV star in history.

The music mogul is in talks with US TV network FOX to receive a staggering £100 million-a-year deal to appear on hit talent show 'American Idol', a huge increase on his current £25 million-a-year contract.

A FOX insider said: "The word went out from on high to pay Simon what he needs.

"Without him, the show would be a shadow of itself. And without 'American Idol', we're in the dumper."

The struggling network - which makes over £450 million each series from advertising revenue - have already signed host Ryan Seacrest for another three series in a £30 million deal.

While Simon is set to land a huge paycheque from his American shows, he is expected to see his £20 million deal with British broadcaster ITV cut when he enters negotiations later this year as they are seeking to cut costs.

It was recently announced Simon has joined forces with Topshop chief Sir Philip Green for a new Disney-style business empire.

Their multi-billion pound plans will see the new company incorporate TV shows, talent management and merchandising.

A source said: "They are thinking in terms of a new Disney. What they are planning is that big. They are talking about making profits of billions as opposed to millions from their joint venture."

Simon - who is worth an estimated £120 million and made a reported £44 million in 2008 from ventures including TV shows 'America's Got Talent' and 'The X Factor' - will present and produce the television programmes, while his new business partner will oversee business strategy.