Simon Cowell

American Idol judge Simon Cowell may be on his way to becoming TV's "best-paid star."

Cowell has teamed with billionaire British retailer Sir Phillip Green to create a global entertainment firm that will own and produce TV content, according to Financial Times. The new company will include Cowell's existing projects, Britain's Got Talent and The X-Factor, but will also launch new programming.

Check out photos of Cowell on Britain's Got Talent, Idol and more.

More importantly, however, Green — a close friend of Cowell's — has been advising him in his contract negotiations with Idol producer 19 Entertainment. Cowell has been offered a new contract that would make him "the best-paid star of TV, with a deal likely to surpass even Oprah Winfrey's estimated earnings," Financial Times reports. Cowell's current contract expires in 2010.

Cowell and Green have yet to name the new venture.

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