But sources told CNBC that O'Reilly will be paid no more than one year's salary upon leaving the network.
Earlier CNNMoney noted that "it is a staggering amount." However, Twenty-First Century Fox and O'Reilly's representatives have yet to acknowledge the existence of a payout because of confidentially agreement limitations.
The report suggested that O'Reilly has a "parachute" because he signed a new contract right before being fired, worth roughly $25 million per year. However, O'Reilly will not be paid the entire amount he was owed.
O'Reilly was ousted for allegedly making payments to other women to settle harassment claims.
Shares of Twenty-First Century Fox were higher during mid-morning trading on Thursday.
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The story has been updated from 10:30 A.M. EDT.