Source: Bill O'Reilly to receive maximum of one year's salary following FOX News firing

It looks like FOX News is trying to quickly put the Bill O'Reilly scandal behind them.

Less than a day after the network's parent company, 21st Century Fox, announced the ouster of Bill O'Reilly amid scathing sexual harassment allegations, financial details of the longtime anchor's exit have been reportedly squared away.

The network's star will receive a maximum payout of one year's salary, according to a source familiar with the situation.

If you recall, O'Reilly just recently signed a new multi-year contract reportedly worth about $25 million a year. The question on many sources' minds after the announcement was made on Wednesday afternoon was exactly how much O'Reilly was going to get.

A CNN report claimed early Thursday morning that the former "O'Reilly Factor" host will get a "staggering amount" worth tens of millions of dollars. 21st Century Fox reportedly incorporated language in the new contract that gave them "outs" if need be.

His removal comes after a bombshell New York Times report was released nearly three weeks ago that claimed O'Reilly and Fox had paid out over $13 million in sexual harassment lawsuits over the years.

Since the release of the report, several advertisers severed ties with the show, including BMW and Allstate.

O'Reilly released a statement hours after the announcement, calling the decision to let him go "tremendously disheartening." He has denied the scathing claims in the past, and continued to do so in his statement, calling them "completely unfounded."

The network already made major changes to "The O'Reilly Factor" on Wednesday night, including changing the name to just "The Factor." Fill-in host Dana Perino briefly addressed O'Reilly's exit, calling him the "undisputed king of cable news."

Tucker Carlson, who joined the primetime lineup just a few months ago, will now fill O'Reilly's 8 p.m. time slot.

Many expected O'Reilly's payout to be similar to Roger Ailes, the former FOX News CEO who resigned last summer amid a sexual harassment scandal of his own. Ailes was paid the remainder of his contract, a whopping $40 million.