The BAFTA-winning broadcaster works across a number of platforms for the corporation, including BBC Radio 2 and his self-titled talkshow on BBC One.
He has also provided Eurovision Song Contest commentary since 2009, succeeding Sir Terry Wogan.
Norton said in an interview with The Mirror: "Will I take a pay cut? Absolutely... there should be no special cases. The cutbacks at the BBC are across the board, which is how it should be.
"OK, I'm not thrilled at the prospect of a cut. I won't open a bottle of cava to celebrate. But I'm realistic about the future of the BBC and how things have to be."
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Norton - who revealed that he took a pay cut in 2009 - added that he fears criticism of the BBC could damage its long-term quality and that he thinks the government should be doing more to defend the corporation.
He explained: "We know what the BBC pays every on-screen person - presenter, actor, weatherman, extra, newsreader, dancer - and it's something tiny like 8% of the overall licence fee.
"The country should be proud of the BBC and you'd think the government would be bending over backwards to protect it.
"My fear is that people will wake up when it's too late, saying, 'Remember when it was great?' By then it will be operating out of two Portakabins in Leeds."
Norton had previously stated a wish for BBC salaries to be a private matter, a point of view also expressed by former BBC Trust chairman Sir Michael Lyons when he was in the post.