This Morning host Holly Willoughby is reportedly set for a big pay rise as she prepares to return back to the show.

The Wylde Moon founder, 42, has been enjoying her summer break and Metro.co.uk understands that she’ll be back on the ITV show on September 4.

And according to reports, Holly’s salary is set to be boosted from £700,000 a year to up to £1million a year.

A source shared: ‘Holly’s pay deal is up for negotiation in a few months so they are ­putting together a lucrative package that will reflect her added responsibility without Phil, and they are prepared to go up to £1million a year.’

They added to The Sun: ‘Producers will splash the cash on showbiz guests, and exclusive human interest stories. Viewers can expect lots of glitz and glamour. But Holly will definitely be the jewel in their crown.’

The Dancing on Ice host has been presenting alongside different co-hosts, including Josie Gibson and Dermot O’Leary, since Phillip Schofield, 61, resigned from ITV after admitting to lying about an affair with a runner.

Speculation had been mounting over who could replace the former Dancing On Ice host, with viewers calling for Craig Doyle to fill his shoes, before it was reported bosses had decided against hiring a permanent fixture.

Instead, it’s been claimed Holly will continue on the show on a permanent basis, joined by rotating co-presenters from the This Morning stable, with Steve Jones also to be brought into the fold.

But a source has claimed that Holly wants Alison Hammond to replace Phillip and become her permanent co-presenter.

ITV confirmed to Metro.co.uk that the Great British Bake Off presenter will be co-hosting with Holly when she returns in three weeks.

Alison and Holly are friends off-camera and have shared pictures of themselves hanging together on Instagram.

Metro.co.uk has reached out to Holly Willoughby’s reps for comment.

This Morning airs weekdays at 10am on ITV.

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