Richard Hammond and James May are set to become the highest paid stars at the BBC, after the corporation offered them a massive combined wage of £9.2million for two more series of Top Gear.

The £4.6million pay-packet that each would receive for the shows is double the amount previously thought.

The Top Gear trio - including Jeremy Clarkson - are together again on stage as part of a show tour, which has been renamed Clarkson, Hammond and May Live.

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Together again: The Top Gear trio are back together again on stage as part of a show tour, which has been renamed Clarkson, Hammond and May Live

Glorious return: Jeremy Clarkson on stage at the Motorpoint Arena in Sheffield, as part of the current tour, despite being ousted from the TV show in March after punching his producer in a row over a steak

The motoring show is the BBC's biggest money-earner, making tens of millions every year, and the dramatic pay increase shows the lengths that the corporation is willing to go to to save the cult favourite.

But the BBC fears losing the stars to ITV or Netflix, after the presenters' contracts ran out earlier this year.

BBC bosses are said to be ‘extremely keen’ on modelling the Top Gear after Have I Got News For You.

BBC bosses have offered May and Hammond a reported £9.2million deal for two more series of the cult favourite TV show

The live show has been renamed Clarkson, Hammond & May Live, but contains the same wacky stunts that made Top Gear the BBC's biggest money-spinner

Rather than face replacing Clarkson directly, they would instead bring in a third presenter who would change on a weekly basis.

Clarkson, 55, was ousted from the show in March after he punched his producer, Oisin Tymon, in a row over a steak.

Lord Tony Hall, the BBC’s director-general, refused to renew Clarkson’s Top Gear contract, saying a ‘line had been crossed’.

But sources claim that the Corporation is paving the way to welcome him back again in the future.

‘Hammond and May will go back to the BBC. Jeremy Clarkson goes back a season later. Then it’s all like it never happened.

Speculators claim that the BBC is simply paving the way to welcome Clarkson back to the small screen in the future, adding that then it will be 'like it never happened'

Bizarrely, Clarkson could actually see a pay rise following the whole incident, as he will be unlikely to accept a pay package which is smaller than that of May and Hammond

In a bizarre turn of events, the BBC could end up paying much more for the show than it did before Clarkson assaulted his colleague.

It has already promised May, 52, and Hammond, 45, a pay rise - and Clarkson is unlikely to accept a pay package which is smaller than theirs.

However, ITV could still put the show out of reach. The broadcaster is struggling in the ratings, and could open its chequebook ‘out of panic’, an ITV source said.

BBC bosses fear that they will lose the presenters to ITV or Netflix, and are willing to make them the corporation's top-earning presenters to win them back

Hammond and May - pictured entering BBC headquarters together in April - might continue on Top Gear alongside a guest host

ITV does not face the same commercial restrictions as the BBC and so could come up with more creative ways of cutting Clarkson and his cohorts into a deal to sell the programme around the world

Clarkson, Hammond and May have all met with ITV's programming chief Peter Fincham, along with Top Gear's former executive producer Andy Wilman, in recent weeks

The company would not be able to use the Top Gear format or name, but it could launch a new motoring show fronted by the same team.

ITV does not face the same commercial restrictions as the BBC, so it could come up with more creative ways of cutting Clarkson and his cohorts into a deal to sell the programme around the world.

However, it would also have to consider the risk to its advertising income if car manufacturers took offence at remarks the three men made about their vehicles.

Richard Hammond was spotted with Top Gear executive producer Andy Wilman (right) in Hyde Park last month

Clarkson, Hammond and May – together with Top Gear’s former executive producer, Andy Wilman – have all met with ITV’s programming chief, Peter Fincham in recent weeks.

An ITV spokesman said today: ‘We haven't commented, and aren't planning to comment, on the continual Top Gear speculation which is swirling around the television industry.’

Elaine Bedell, the broadcaster’s head of entertainment – who has previously been photographed embracing Mr Clarkson – was also present.

It is believed Top Gear is worth around £50million to the BBC's commercial arm and the Corporation are keen to salvage the revenue made by the show.

The programme's format would mirror that of Have I Got News For You, which brought in weekly guest hosts after presenter Angus Deayton left in 2002.

Comedy panel show Never Mind The Buzzcocks, which was axed last month, also experimented with guest presenters after the departure of host Simon Amstell.

In the past month, both May and Hammond have been spotted entering the BBC headquarters in West London and Hammond was also pictured chatting with Wilman, 52, before they and friends boarded pedaloes in Hyde Park.

However, representatives for both presenters have declined to comment on the reports.

It comes after May had previously appeared to rule out claims that they could film the programme with a stand-in for Clarkson, with speculation they too would leave the BBC.

Speaking in April, he said: 'Me and Hammond with a surrogate Jeremy is a non-starter, it just wouldn't work. That would be lame, or "awks" as young people say.

Both May and Hammond have previously appeared to rule out claims that they would continue Top Gear without Jeremy Clarkson. They are pictured last month outside the Odyssey Arena in Belfast ahead of the opening show of their current tour

Clarkson has recently been seen drinking with model Jodie Kidd, prompting speculation she could take over presenting the BBC motoring show

'It has to be the three of us. You can't just put a surrogate Jeremy in and expect it to carry on. It would be forced. I don't believe they would be stupid enough to try that.'

Hammond has also appeared to dispel any such move, tweeting: 'Not about to quit my mates.'

Former model Jodie Kidd was, earlier this year, made the bookies favourite to take Clarkson's place on the BBC show after she was seen drinking with the 55-year-old, who was sacked for punching producer Tymon in a row over a hot dinner after filming.

If Top Gear continues with guest presenters, the move would mirror that performed by the BBC after Angus Deayton (left) left Have I Got News For You and after Simon Amstell (right) left Never Mind The Buzzcocks, which was axed last month

Self-confessed petrol-head Chris Evans was also seen as a natural replacement for Clarkson but has repeatedly ruled himself out.

In an interview with Evans last month, Clarkson said he 'very sad' to leave Top Gear and he has 'absolutely no idea' what the future will hold in terms of his next broadcasting role.

Others thought to be contention for the role include actor Philip Glenister, former X-Factor host Dermot O'Leary and Great British Bake Off presenter Sue Perkins.