The former host stepped down from his presenting duties on 'This Morning' in May

The former 'This Morning' host stepped away from his presenting role on the mid-morning talk show earlier this year, with it coming to light after that he was involved in an affair with a younger colleague.

Following these revelations, the broadcaster's ties with ITV and his talent agency, YMU, were severed.

Now, however, it is being reported that Schofield is a contender to join one of Britain’s largest commercial stations.

Industry insiders revealed to the MailOnline that a big pay deal is on the table for the presenter to return to work in the New Year.

This comes following the news of ITV’s report clearing bosses of a cover-up, as well as Schofield not being found of any further damaging claims about the his relationship with a young runner on the show.

A senior British broadcasting source told the outlet that this means the former host can begin to start anew.

“Now that a line has been drawn in the sand by ITV over the Schofield saga, attention will move on.”

"Within a period of time there is now a place for Phillip to return, possibly not on TV yet, but there are now a myriad of opportunities for him on commercial radio where he will be offered big money to return to his first love," they source continued.

"The KC’s report gives him a fresh chance – but nobody will be surprised at all to see that ITV has found itself in the clear as it tries to save This Morning."

The Report

Following the publication of the external report into Schofield's affair, staff at ITV have labelled it as a 'whitewash', with one employee expressing their 'sheer bewilderment' to the MailOnline that just one junior employee knew about the affair.

However, the report determined that ITV did not cover up the relationship.

It also stated that station bosses made 'considerable efforts' to uncover the truth about rumours of the affair in 209 - four years prior to the news of the affair breaking.

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