Holly Willoughby is mulling over a £250,000 contract with ITV after being offered Fern Britton's This Morning job.

The 28-year-old - Phillip Schofield's first choice to be his new co-star - has been given a deal and will be looking over the contract this weekend.

Holly has told a pal she is "over the moon". A source close to the star said: "She has the contract in her hands and can't stop smiling. It should be just a matter of time before she signs and the deal is announced. She knows Phil well and they work with great chemistry on TV, so choosing her meant there was no need for lots of screen tests."

Newspapers revealed Holly as a favourite in March and Schofield, 46, boasted he had a hand in ITV's decision, saying on Twitter: "I get to choose."

Holly and Schofield also co-present high-profile show Dancing on Ice. On top of that, Holly is currently on the road with newborn son Harry doing The Xtra Factor, the spin-off for ITV2's The X Factor. This week, while in Birmingham and Manchester at auditions, bosses including Simon Cowell and Holly had a number of scheduling meetings.

It's thought these were to make sure Holly was able to fulfil the role on This Morning while juggling the dates for X Factor. If she signs the contract, she will work Monday to Thursday on This Morning from the end of August, as well as on the X Factor finals at weekends until the end of the year.

After Christmas, she will work on Sundays on Dancing On Ice. Her only full day off with Harry will be Fridays.

Outgoing Fern, 51, also thinks Holly would be good, saying: "She represents a huge swathe of the audience."

Itv declined to comment till a deal is signed, but it is thought they hope to unveil Holly next week.

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