Elton John has reportedly been offered a multi-million dollar payday to play an hour-long gig for a female Russian mogul. The British singer is set to receive $5.2 million to perform at the launch of the tycoon's new hotel in Moscow, Russia, later this year.

If the star accepts the deal, he will set a record for the highest fee ever paid to a single artist.

A source tells British newspaper The Sun, "Initially Elton turned (it) down because he's so busy. But when the offer crossed the £2 million barrier it was too much to refuse, even for someone of his means. And let's be honest, £2.6 million buys a hell of a lot of flowers. He's on the verge of saying yes."

John, 61, pocketed $3 million when he performed at a private gig in 2001.

(This news article provided by World Entertainment News Network)