Ryan Seacrest

Ryan Seacrest is reportedly finalizing a deal that would make American Idol's front man one of the highest-paid reality TV hosts.

Seacrest, whose pact with Fox's juggernaut expires at the end of next season, now pulls just shy of $5 million a year for his Idol work. His new deal with Idol producer 19 Entertainment, would extend his run by three years and deliver a "major pay raise," sources tell the Hollywood Reporter.

Read how Ryan Seacrest keeps Idol pitch-perfect

The agreement also allows Seacrest to develop new projects with 19 Entertainment and Idol creator Simon Fuller.

Neither Seacrest's rep nor an Idol spokesperson would comment for TVGuide.com on the report.

Talk of Seacrest's contract extension comes as Idol fans await word on whether Paula Abdul and Kara DioGuardi will return as judges for Season 9. Seacrest recently told TVGuide.com, "I don't have any reason to believe" either would not be back.

Similarly in play is the future of polarizing judge Simon Cowell, who is only signed through the coming season. A recent story in the U.K.'s The Guardian claimed that Cowell could be eyeing a new Idol payday north of $100 million per year.

Relive your favorite American Idol moments with American Idol Rewind, airing Friday evenings on TV Guide Network. (Check TVGuide.com listings for times.)