Simon Cowell has reportedly offered Nicole Scherzinger a whopping $5 million in order to get her to return for the next series of the X Factor.

Nicole has served on the judging panel since 2011 and is reportedly a firm favourite with Cowell who is prepared to offer her double the salary that she received for the 2013 series.

“Simon absolutely loves Nicole. She is his perfect judge," an insider said.

"He is getting in quick because he doesn't want to lose her to other commitments she has. Money is no object to Simon on this one. He is ready to throw whatever he has to at her.

"He knows that he almost didn''t get her last year because of various different reasons but he won''t be making that mistake again.

"He will break the bank to keep her for a third series. He knows that if he can then he has a very good X Factor series later this year."

"Nicole loves Simon and the X Factor. To her, they are family, particularly as they are in the UK where she doesn''t have her own family.

"The problem for her is whether or not she will genuinely be able to spare the time for the auditions. She is happy to work with Simon to find a solution to this."