Simon Cowell has reportedly signed a deal worth £150 million in order to keep both Britain’s Got Talent and the X Factor on the air for the next three years.

The new contract that he has agreed to also means that he would be able to appear once again as a judge on one of the shows.

In addition to the money he will be making from the contract, Simon could also reportedly stand to make a further £15 million in production fees.

A source told The Sun: “Everyone wants to keep making The X Factor and BGT so it was just a case of ironing out the terms. Simon will do one show a year at least.”

Cowell’s X Factor franchise has been in trouble recently with ratings plummeting on the US version of the show.

The UK version could also be in crisis once again next year with judges Gary Barlow and Sharon Osbourne being unlikely to return.