Simon Cowell will not receive a salary increase when he renews his contract with ITV, a report has claimed.

The music mogul's £20 million 'golden handcuffs' arrangement with the broadcaster expired in December, but he is expected to finalise plans for a new deal this week.

According to the Daily Mail, Cowell's main priority is to ensure that more money is spent on The X Factor in order to improve the contest's live shows.

A source told the newspaper: "Simon is not getting a pay rise. He is more concerned about the budget being raised for The X Factor to make sure it returns bigger and better."

Meanwhile, Cheryl Cole is apparently not receiving a £700,000 salary boost for her work on the programme, despite previous rumours.

The insider added: "Cowell has not given Cheryl such a big pay increase. He adores Cheryl, but she realises that this year, Simon wants the show to be great and needs more money to be spent on production for the viewers at home."