Simon Cowell offered £88 million pay deal Wed Jul 01 10:54AM by TV Edit Simon Cowell has reportedly been offered £88 million to appear on the next series of American Idol. The deal is four times the £22 million he currently receives for the show and it follows fears from US network Fox that he may quit when his current contract ends next May. American Idol, which has just finished its eighth season, regularly attracts audiences of up to 25 million in the US. The news comes days after it was reported that The X Factor judge is setting up a new media company with Top Shop boss Sir Philip Green. The business would see Cowell take full ownership of all of his work, as opposed to just performance fees for appearing on shows such as American Idol and Britain's Got Talent. A source told the Guardian: "He is past the old-style music deal, where you take a cut as a performer. This is about properly owning himself, Brand Cowell, everything he does, new formats, and new programmes, not just the ones starring him." Cowell's mammoth pay increase comes at a time when other UK-based stars are facing massive cuts to their salaries. Bruce Forsyth is said to be taking a £160,000 pay cut to present the new series of Strictly Come Dancing, while the presenters on GMTV are facing cuts of up to 25 percent. Amazingly, if Simon Cowell accepts the offer it won't actually make him the highest paid star on TV. That title belongs to Oprah Winfrey who rakes in an incredible £136 million each year.