Jack Osbourne has been offered a record-breaking $437,500 (GBP250,000) contract to star in forthcoming British reality TV series CELEBRITY LOVE ISLAND. Producers are desperate to bag the 20-year-old son of SHARON and Ozzy Osbourne in a bid to raise the profile of the second series - after last year's (05) episodes, which featured only minor British celebrities, flopped. Network bosses have suggested the star becomes a latecomer to the July (06) series, parachuting to the Fiji island part-way through to shock contestants looking for love. The former drink and drug addict - who shot to fame in his family's reality TV show THE OSBOURNES - has reportedly turned down the lucrative sum. Last night (29APR06) a TV source revealed, "Bosses are desperate to revamp the show and have far bigger stars on it. "They will break the bank with Jack. The Osbournes was one of the most popular shows of the last decade - and TV execs are convinced Jack can bring that success to Love Island."