Simon Cowell wants Dannii Minogue to return to 'The X Factor'.

Dannii Minogue

Dannii Minogue

The 59-year-old music mogul is so desperate to take the ITV talent show back to its heyday that he's willing to throw £300,000 at the Australian pop star in a bid to tempt her back to the judging panel following her successful three year stint between 2007 and 2010.

A source told The Sun's Bizarre column: "'X Factor' bosses would love to have Dannii back on the panel -- she was part of the show's dream team in its heyday.

"Her chemistry with the other judges was electric and she loved the role. She's definitely tempted, and will always be loyal to the show as it gave her such a great platform, but she is really happy with her life now and isn't sure she wants to rock the boat.

"It would also be very dependent on who she sat next to on the panel as rumours at the time said she didn't get on well with Sharon Osbourne. Simon thinks it would be a real coup to have her and she is definitely someone he has mooted."

However, despite the eye-watering amount of cash on offer, Dannii will no doubt need to think long and hard about her decision as she currently splits her time between Los Angeles and Australia with her nine-year-old son Ethan and her partner Adrian Newman.

As well throwing everything at the civilian series, Simon is also planning to revamp the programme by launching a star-studded line-up.

It's believed the talent boss has set aside £3 million to attract famous faces for the show.

Gemma Collins - who shot to fame on 'The Only Way Is Essex' - is currently in high demand and also thought to be wanted for the show. Soap stars, former musicians and TV presenters are expected to be approached so they can transform and reboot their careers.