Washington (ANI): Music mogul Simon Cowell is all set to renew his contract as co-judge on the show 'American Idol", and will apparently be paid 45 million dollars a year, which is higher than his current 36 million dollars.

According to the Hollywood Reporter, CEO and chairman of the parent company that produces Idol, Robert Sillerman, revealed Cowell was closing the deal to remain with the show, after he earlier had hinted he might leave. Other judges Kara DioGuardi and Randy Jackson will remain, either through current or new contract, and host Ryan Seacrest recently renewed with the show.

“FOX asked us to pre-approve him not only for American Idol '09, which has begun taping, but they have also asked us for approval for '10 and '11, indicating to us that they"re finishing their negotiation with Cowell," People magazine quoted Sillerman as saying about Cowell"s contract. “We did grant approval for that quite obviously," he added.