Fox: 'Avatar budget rumours ridiculous'

20th Century Fox chairman of filmed entertainment Jim Gianopulos has dubbed reports about Avatar's substantial budget "ridiculous".

Speaking to Reuters in response to claims that the project cost $500 million to make, Gianopulos insisted that the figure, which surfaced in a New York Times article, is inaccurate.

"That's a ridiculous number," he said. "It has actually no relationship to the actual cost of the movie." However, he admitted that Avatar, James Cameron's first film since the record-breaking Titanic, was "quite expensive" to produce.

"There is no question about that. But viewed now, from the perspective of its completion and having seen it, it's a formidable work and money well spent," said Gianopulos, who heads up production on Fox's movie and TV output with Tom Rothman.

Asked if he believes that the sci-fi action film will turn a profit, he replied: "I have no doubt about that."

Avatar opens in cinemas worldwide on December 17.