's has reportedly been 'thrown a lifeline by bosses as he lands a huge payday' after it was revealed he could be forced to sell his home to clear a £250k debt.
Earlier this year, the actor, 51, best known for playing Steve McDonald on the long-running soap, revealed he is repaying a £250,000 loan taken from his production company.
He was given three years to settle the debt or risk selling his family home in Wilmslow.
However, it has now been claimed that ITV bosses have handed him a new six-figure deal.
According to The Sun, the 12-month contract is believed to be worth around £150k, which is sure to ease the pressure amid his financial struggles.
A source told the publication: 'Simon is delighted to be staying on Corrie and show bosses are equally as happy to keep him on the cobbles.
Coronation Street's Simon Gregson has reportedly been 'thrown a lifeline by bosses as he lands a huge payday' after it was revealed he could be forced to sell his home to clear a £250k debt
It has now been claimed that ITV bosses have handed him a new six-figure deal (pictured as Steve McDonald on soap)
'It's a win win situation.'
The Daily Mail has contacted ITV for comment.
Over the weekend, Simon revealed he had been hit with another costly setback as his financial troubles continue.
He took to Instagram to share that he was facing yet another eye-watering expense.
The was left stunned after receiving sky-high insurance quotes for his son’s 2010 VW Polo.
One quote came in at a staggering £7,000 a year, and another one at £4,000.
Sharing his frustration with his followers, Simon said: 'Moaning from sunny Cheshire.
'Even the four grand, it's still miles more than the car is worth. How can the insurance be worth more than the car?
Over the weekend, Simon revealed he had been hit with another costly setback as his financial troubles continue
Last year the actor was forced to refute claims that he has split from his wife Emma Gleave, blaming a 'court paper error' for the confusion surrounding the status of their relationship (both pictured 2010)
According to The Sun a recent report revealed the has repaid £18K over the last 12 months, with liquidator advising him that after 36 months the outstanding balance must be paid from the sale of his property.
Simon Gregson Productions Ltd also claimed that winding down the company cost £51K despite a cap of £44K being in place.
According to publication liquidators Begbies Taynor said: 'We have received £18,000 during the year under review in respect of the overdrawn Directors loan account which is in line with the terms of the settlement agreement.'
'We have been unable to conclude our duties during this period, in view of the balance outstanding on the Directors loan account. Consequently, the administration of the case will continue into the next period.'
Daily Mail contacted Simon's representatives for comment.
Last year amid his financial struggles, the actor was forced to refute claims that he has split from his wife Emma Gleave, blaming a 'court paper error' for the confusion surrounding the status of their relationship.
It was first assumed Simon and Emma had split after she was referred to as his 'estranged wife' in court documentation about the repayments.
However it has now been reported that the couple have 'no idea' why the report lists Emma as Simon's estranged wife.
A source told The Mirror at the time: 'Simon and Emma have not split and are still very much together. Simon has no idea why Emma is listed as his 'estranged wife' in financial paperwork.'
The actor first appeared on Corrie in December 1989 when he was just 15-years-old, and instantly became a household name as millions of viewers tuned in to watch his exploits as tearaway teen Steve McDonald.
Simon previously admitted that shooting to fame on the soap .
Speaking to YouTube channel DEEP, he discussed the impact joining the show at that time had on him, revealing that the thought of his own kids going through what he went through makes him very 'upset'.
Speaking about his and co-star Nicholas Cochrane who played his brother Andy's rise to fame, he shared: 'We were massive overnight and it was very odd and it was hard to compute for a young man. But there was no help!'
Simon went on to say that nowadays when people are cast on the soap, they are sat down and have the implications of being on TV explained to them, with the show informing them about things like press interest, fan reactions, the impact on families and potential criticism of the role.
He added: 'But with us, there was nothing. So we were kind of dropped in the middle of the ocean at fifteen and left to swim to shore.'
