Simon Cowell To Remain On American Idol For Three More Years

Simon Cowell will return to American Idol for three more seasons, as the British music mogul is finalizing terms on a new contract, a top executive said Monday.

Robert Sillerman, the chairman of CKX, (the parent company of 19 Entertainment, which produces Idol) confirmed on a second-quarter earnings call that the popular judge on the top-rated program is wrapping up the new deal.

"We've heard from Fox, who has asked us for approval for Simon Cowell to appear for three more years on Idol," Sillerman said. "They, in their negotiations with Cowell, have 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. We did grant approval for that, quite obviously."

The deal could pull Cowell, THR reported, as much as $45 million per year (a $9 million annual raise); Cowell's panel mate, Paula Abdul, recently announced she was leaving the show, after failing to reach an agreement in her contract negotiations with Fox.

Ryan Seacrest recently signed a three year deal worth a reported $45 million dollars to remain as Idol’s host. No word on the status of Randy Jackson’s contract.