Simon Cowell is set to sign a new £150 million deal with ITV.
Simon Cowell
The lucrative contract would keep Simon's shows, 'The X Factor' and 'Britain's Got Talent' on the channel for the next three years and has taken six months to thrash out.
A source told the Sunday People: "Finally after months of intense talks, all sides are happy and the new deal has been agreed. It just has to be signed off.
"A formal announcement will be made shortly, as no one is expecting any major hitches. It's planned to be the big show-stopping announcement of the festival.
"'X Factor's poor run last year when it was out-performed by 'Strictly' came at a bad time with a new deal being due.
But Simon has played a blinder by going back to basics and bringing back the old gang."
The return of Louis Walsh, Dermot O'Leary and Sharon Osbourne is believed to have helped Simon's negotiations, while he is said to have agreed to take a cut in his £25-million three-year deal.
Meanwhile, fans are in for a treat, with a new feature on the show, which will see the judges each choose one wildcard act for each other.
A source told the Sunday Mirror: "We love adding new twists and it was felt that introducing wildcard acts earlier in the series would liven things up and make the show edgier.
"The fixed-chair challenge is hard enough but now there's been scope for a bit of tactical game-playing, with each judge picking an extra act for a rival. It's already caused a few fireworks."
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