According to showbiz.com, music mogul Simon Cowell is keen to make his show as interesting as possible, so he is offering the whopping amount to the singer, who recently gave birth to her first child with husband Jay-Z.
“He wants a big name female star on the panel. Mariah Carey is good, but she’s not that hot today,” a source told mediatakeout.com. “He wants Beyonce because that would immediately give him the bounce needed to beat ‘American Idol’.”
The deal is worth $100 million per year for five seasons.