X Factor bosses offer Simon Cowell more money

'X Factor' bosses are set to increase Simon Cowell's current £5 million-a-year deal in a desperate bid to keep him on the show.

ITV1 executives are reportedly prepared to "do everything" they can to keep the 51-year-old music mogul - who is believed to be quitting the UK version of the talent competition to concentrate on the Stateside launch of the show later in the year - on the judging panel.

An insider told the Daily Star newspaper: "'X Factor' is the biggest show on the station, and Simon is the biggest star on the show. We will do everything we can to keep Simon, even while he is doing 'The X Factor USA'.

"And we all know that it is money that talks loudest."

Meanwhile, with fellow judge Cheryl Cole also rumoured to be quitting the show to front the US version alongside Simon, and Louis Walsh facing the boot altogether, the current panel - which also features Dannii Minogue - could be in for a huge shake-up.

However, 58-year-old Louis claims Simon has already confirmed he will be a part of the new series.

He added: "This is news to me. I've already had an off the record chat with Simon about the new show and I think I'm on it."