The former rugby player is reportedly set to become the first ever royal to appear on the ITV show next month, with bosses delighted with their rumoured signing and hopeful Zara Tindall's husband's presence in the Australian jungle will make year's series an 'absolute must-watch'.
If the reports are true, and Mike is currently packing his bags ready for the flight Down Under, Anne, Princess Royal's son-in-law is set to command a bumper fee for his stint in the celebrity camp - with the reality TV star veteran possibly likely to rake in just as much as another big name attached to this year's series, Boy George.
Before it was reported Mike was joining I'm a Celebrity's Class of 2022, the Culture Club singer was reportedly set to become the highest paid contestant in I'm a Celebrity...Get Me Out of Here! history, as ITV offer the Karma Chameleon hitmaker, 61, an eye-watering cheque to appear on the show.
It's been reported the singer will bag himself a cool $1million (£879,000) to sleep in the jungle and take on a few bushtucker trials, but given Mike's links to the U.K's Head of State, the royal star could rake in a pretty pay packet himself.
"Mike would be a huge coup for I'm a Celebrity...Get Me Out of Here!" PR expert Daniel Hughes, founder of ThisGeneration, tells the Mirror.
"Not only is he a former rugby star with a bunch of anecdotes from his time on the pitch, he's a member of the Royal Family! He'll likely stay exceptionally loyal to The Firm during his time on the show but that won't stop viewers tuning in each night to see if he shares any juicy stories about Prince Harry and Meghan Markle.
"If Mike does enjoy a few days in the Australian jungle ITV will be sure to enjoy some bumper ratings, meaning Princess Anne's son-in-law would be worth every penny of his whopping pay day."
Discussing the finer details of Mike's possibly salary, one TV insider told the Mirror how the royal's fee for appearing on the ITV will likely match Boy George's but won't eclipse it.
"Although Mike is a royal with a huge appeal, Boy George is a global pop star with dedicated fans across the globe," the source explained. "I would expect Mike to receive between £500,000 to £700,000 to appear on the show - certainly a healthy pay packet."
With the reality TV show's bosses throwing the cash around for the first series in Australia in two years, we take a look at some of the biggest fees offered to famous campers since the show first began over two decades ago.
Deal or No Deal host Noel Edmonds secured quite the payday back in 2018, when I'm a Celebrity...Get Me Out of Here! splashed out a whopping £600,000 for the presenter to sleep in the Australian jungle for a few nights.
Sadly for ITV, despite Noel being the most expensive campmate ever at the time, the House Party presenter wasn't a big hit with the viewers and was the first celebrity voted out of the camp.
Spending just nine days on the show, Noel raked in an impressive £66,666 per day thanks to his bumper fee.
2018 King of the Jungle cost slightly less than his campmate Noel but certainly earnt his keep.
The former football manager captured the nation's heart during his time on the show - with Jamie Redknapp's dad missing his beloved wife Sandra and sharing his love for jam roly pudding with his fellow campers.
Not only was he crowned king of his series, Harry pocketed a cool £500,000 too.
I'm a Celebrity...Get Me Out of Here! has been quite the earner for Caitlyn Jenner over the years, with the reality TV star appearing on both British and American versions of the show.
After the former Olympic champion enjoyed a stint on the US version back in 2003, the member of the Kar-Jenner dynasty headed into the Australian jungle for round two with ITV - appearing on the British version of the show in 2019 for a rumoured fee of £500,000.
"She’s such a huge name and a great get for producers. ITV think she is one of their best-ever signings. It’s a real bolt from the blue," a source told The Sun when discussing Caitlyn's eye-watering cheque at the time.
Like Caitlyn, one appearance in the jungle wasn't enough for Katie Price.
The former glamour model first appeared on the ITV show back in 2004, when she famously met her future husband Peter Andre, who she would go on to marry and welcome two children into the world together.
While Peter and Katie called time on their holiday romance eventually, the mum-of-five's relationship with the reality TV show remained on good terms - with the star heading back Down Under once again in 2009 for the sum of a whopping £450,000.
The OnlyFans content creator out-earned every single other star in the camp that year, with everyone else on £65,000.
But the savvy star had it written into her contract that she'd be in the jungle for a week less than her campmates, prompting accusations of favouritism by ITV bosses.
Before Noel and Harry raked in the big bucks in 2018, Amir Kahn was the show's highest-paid celebrity to brave the jungle.
The boxing champion pocketed an impressive £400,000 when he appeared on I'm a Celebrity...Get Me Out of Here! in 2017, but his time on the show was marred by allegations of bullying against radio presenter Iain Lee.
Amir looks set to receive another pay packet from the reality TV show, with the sports star rumoured to be taking part in an All Stars version of the series later this year.
Just like Caitlyn, Sir Mo Farah picked up a few gold medals at the Olympics before appearing on I'm a Celebrity...Get Me Out of Here!
The long-distance runner reportedly secured the biggest pay cheque out of all the celebrities to stay in the Welsh castle in 2020, with the athlete apparently netting himself an impressive £300,000 to star on the ITV show.
"The ITV executives were desperate to bag Mo and will have spent big to get their man," a TV insider told The Sun when discussing Sir Mo's salary at the time.