Sir Tom Jones would shave his chest hair off for $7 million.

The 'What's New Pussycat' singer was rumoured to have insured his famous luxuriant body hair for an astronomical amount, but denies he would ever do such a thing as he would have been too tempted by the money himself.

He told NME magazine: ''It wasn't true. I'd shave my own b***dy chest hair off for seven million dollars!''

Tom is not the only star keen to make some money by shaving off his facial hair, as wrestling star Hulk Hogan has recently admitted he would shave off his trademark handlebar moustache if the price was right.

He told BANG Showbiz: ''If you pay me a couple million bucks, hell yeah I'd shave it off! It grows back.

''When I talked about it (shaving off the moustache) everyone went crazy. Loads of people began jumping on it and the next thing I knew people were like, 'Oh my god he's shaving his moustache off!' The next thing I know is I had one of my sports agents calling me saying, 'Don't shave it off!' I've heard from Gillette, Right Guard. They said we may have a deal.''