(showbizspy.com) - Singer Michael Jackson, who is reportedly close to losing the deeds to his Neverland Ranch after failing to keep up with mortgage repayments - is planning to launch his own US TV talent show & is planning to team up with brother Jermaine, 58, Dad Joe, 78 and actor Jamie Foxx to front a television series to rival Simon Cowell's hugely successful 'American Idol'.
A source close to the Jackson family said: "Michael has seen how big 'American Idol' has become, but knows that by teaming up with his family and high-flying friends he can do even better."
Jackson, 49, is set to appear as a mentor on UK talent show 'The X Factor' in December - which will be Jackson's first appearance on British TV since the hugely controversial Martin Bashir documentary - 'Living with Michael Jackson: A Tonight Special' in 2003.
Cowell recently said: "I got a call from his people saying he really likes the show and would love to be a part of it."