Rihanna will receive five million pounds for turning on the Christmas lights at a London shopping centre.
The 'We Found Love' singer will help to kick off the festive season at Westfield in Stratford, East London, near the Olympic park and will also perform a mini-concert for her fans.
A source told The Sun newspaper: "Rihanna's thrilled. She knows it's a big deal and is totally up for it - if it fits in with her schedule.
"Westfield have had a great year due to the Olympics and want to fork out to celebrate.
"Even though the final contract is still being thrashed out, they're prepared to pay up to Â£5 million for her. They are expecting around 20,000 people to swamp the park."
It was also revealed Rihanna was chosen over the Spice Girls, who came out of retirement to perform at the Olympics closing ceremony.
The insider added: "The Spice Girls were also discussed but Rihanna came out as the artist of choice."
Myf Ryan, general manager for marketing at Westfield, said: "The Christmas light switch-on at Westfield Stratford City is one of the highlights of the festive calendar.
"This year we want to thank our loyal shoppers by giving them something they'll never forget."