London: British Prime Minister Tony Blair is said to have roped in prominent publisher Harper Collins to publish his memoirs in return for a royalty estimated to be £ four million.
According to the Daily Mail, should the deal materialise, Blair could wipe out his massive mortgage debts in one stroke.
Publishing insiders say that the value of Blair's memoirs could be closer to £ eight million when international rights are taken into account.
Blair, like previous Prime Ministers, would be expected to publish his memoirs in several volumes.
They are likely to cover everything from internal Labour feuds to Blair's military interventions on three continents.
The Blair family finances are known to be hindered by massive mortgage repayments on their four properties, which are thought to set the Prime Minister and his wife back by 16,000 pounds a month.
On leaving office, the Prime Minister looks likely to cash in on his time in Number 10 by hitting the US lecture circuit, where he could earn £100,000 a time for after-dinner speeches.
When he does leave Downing Street, Blair plans to follow the example of John Major and Edward Heath in not taking a life peerage, sources say.
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