The BBC is reaching deep into its pockets to stump up an unprecedented £4.6m pay package to convince Top Gear co-presenters James May and Richard Hammond not to jump ship and save their flagship motoring format.

Both stars contracts with the broadcaster expired two months ago but reports in The Times suggest the BBC is keen to secure their services for an additional three series which would be hosted by a different guest presenter each week.

May and Hammond are both currently believed to earn in the region of £500k per year but if they accept the enhanced offer they could be raking in as much as £1.15m per annum, potentially earning them more cash than Clarkson himself who pocketed £1m per series.

The BBC wouldn’t comment on the latest speculation but is believed to be desperate to resurrect the show – not to mention the £50m per year revenue it brings in for its commercial arm.