Simon Cowell 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.Follow on Twitter for more breaking news and scoop