Pop Idol judge Pete Waterman is "on the verge" of signing a deal to join Simon Cowell on the panel of American Idol, according to The Sun today.

The newspaper reports that the 56-year-old has been "in talks" with FOX and could sign a deal within a matter of weeks.

“Pete is keen to make his mark on American Idol," a source said. “He has seen how much of a star Simon has become in the States. Simon has helped him by opening the negotiations.???

Pete would be the fourth member of the judging panel, which also includes singer Paula Abdul and record producer Randy Jackson.

The third season is due to begin on January 20.