Louis Walsh is reportedly set to return to 'The X Factor' in an £800,000 deal.
Louis Walsh
The 63-year-old music manager - who was booted off the show last year and replaced by BBC Radio 1 DJ Nick Grimshaw - is expected to make a return to the ITV talent show for this series after holding "protracted informal talks" with show boss Simon Cowell this week.
An insider told the Daily Mirror newspaper: "Simon and Louis work really well together. He provides a perfect foil for Simon. They've had a couple of phone conversations and it's looking as if a deal will be done, although no paperwork has yet been signed."
Simon will also need to find replacements for Olly Murs and Caroline Flack, after the hosts revealed they would be quitting their roles to focus on other projects.
Meanwhile, the news comes hours after it was reported that Simon has signed a deal with ITV to continue broadcasting his shows, 'The X Factor' and 'Britain's Got Talent', until at least 2019.
A source told The Sun newspaper: "This was always going to be a joint deal - Cowell, 'Britain's Got Talent' and 'The X Factor' come as a package.
"But a new three-year deal will be a huge relief to Cowell because it gives both shows a real sense of stability into the future. It will also end the constant rumours that 'The X Factor' is going to be axed."
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