You didn’t really think Simon Cowell would retire from his American Idol gig anytime soon, did you?

Simon Cowell is said to be negotiating a deal with Fox that would keep him on board as Idol judge for another two years.

Simon Cowell is currently in the final year of his contrat for American Idol, and is working to not only extend that job, but bring The X Factor to the U.S. as well.

Under the new contract, Fox would bring an American X Factor to the small screen as well as keep Simon on board at Idol through the 2011-12 season.

The payout for this deal? It’s rumored that Simon Cowell could earn $50 million per season on American Idol as well as $50 million per cycle of X Factor.

Anyone think Simon is overpaid?