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

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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.

25 PHOTOS
Bill O'Reilly through the years
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Bill O'Reilly through the years
NEW YORK, NY - OCTOBER 17: Talk Show Host Bill O'Reilly is seen on October 17, 2016 in New York City. (Photo by Patricia Schlein/Star Max/GC Images)
THE TONIGHT SHOW STARRING JIMMY FALLON -- Episode 0263 -- Pictured: (l-r) Bill O'Reilly and host Jimmy Fallon on May 14, 2015 -- (Photo by: Douglas Gorenstein/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - MARCH 23: Author Bill O'Reilly attends the 'Killing Jesus' World Premiere at Alice Tully Hall at Lincoln Center on March 23, 2015 in New York City. (Photo by Steve Mack/FilmMagic)
NEW YORK, NY - MARCH 23: (L-R) The cast of Nat Geo's 'Killing Jesus' Haaz Sleiman, Eoin Macken, Stephanie Leonidas, Alexis Rodney, Emmanuelle Chriqui, Joe Doyle, Chris Ryman and Kelsey Grammer pose with 'Killing Jesus' book author, Bill O'Reilly (C) at the red carpet event and world premiere of National Geographic Channel's 'Killing Jesus' at Alice Tully Hall on March 23, 2015 in New York City. (Photo by Brad Barket/Getty Images for National Geographic Channel)
NEW YORK, NY - MARCH 23: 'Killing Jesus' book author, Bill O'Reilly attends the red carpet event and world premiere of National Geographic Channel's 'Killing Jesus' at Alice Tully Hall on March 23, 2015 in New York City. (Photo by Paul Zimmerman/WireImage)
TODAY -- Pictured: Bill O'Reilly appears on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
LATE NIGHT WITH SETH MEYERS -- Episode 0142-- Pictured: (l-r) Bill O'Reilly during an interview with host Seth Meyers on December 17, 2014 -- (Photo by: Lloyd Bishop/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - MAY 13: Bill O'Reilly (R) interviews Katie Couric during her visit to 'The O'Reilly Factor' at FOX Studios on May 13, 2014 in New York City. (Photo by D Dipasupil/Getty Images)
NEW YORK, NY - APRIL 09: Rob Lowe talks to host Bill O'Reilly at Fox News' 'The O'Reilly Factor' at Fox News Studios on April 9, 2014 in New York City. (Photo by Rob Kim/Getty Images)
WASHINGTON, DC - OCTOBER 28: Bill O'Reilly attends the National Geographic Channel's 'Killing Kennedy' World Premiere at The Newseum on October 28, 2013 in Washington, DC. (Photo by Kris Connor/Getty Images)
NEW YORK, NY - OCTOBER 16: TV personality Bill O'Reilly enters the 'Late Show With David Letterman' taping at the Ed Sullivan Theater on October 16, 2013 in New York City. (Photo by Ray Tamarra/WireImage)
NEW YORK, NY - MAY 14: Television host Bill O'Reilly is seen exiting'Good Morning America' studios on May 14, 2013 in New York City. (Photo by Raymond Hall/FilmMagic)
WASHINGTON, DC - FEBRUARY 27: Bill O'Reilly, host of FOX News Channel's The O'Reilly Factor, waits for the arrival of U.S. President Barack Obama during an event about Obama's 'My Brother's Keeper' initiative in the East Room at the White House February 27, 2014 in Washington, DC. As part of his 'Year of Action,' Obama announced a $200 million commitment from nine foundations to bolster the education and employment of young men and boys of color. (Photo by Chip Somodevilla/Getty Images)
THE TONIGHT SHOW STARRING JIMMY FALLON -- Episode 0170 -- Pictured: Author Bill O'Reilly on November 25, 2014 -- (Photo by: Douglas Gorenstein/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - JUNE 18: TV Personality Bill O'Reilly attends An Evening with Bill O'Reilly and Geraldo Rivera at 92nd Street Y on June 18, 2014 in New York City. (Photo by Mark Sagliocco/FilmMagic)
NEW YORK, NY - DECEMBER 04: Donald Trump and Bill O'Reilly attend the game between the New York Knicks and the Cleveland Cavaliers at Madison Square Garden on November 30, 2014 in New York City.NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Elsa/Getty Images)
NEW YORK, NY - JUNE 18: (L-R) TV Personalites Geraldo Rivera and Bill O'Reilly attend An Evening with Bill O'Reilly and Geraldo Rivera at 92nd Street Y on June 18, 2014 in New York City. (Photo by Mark Sagliocco/FilmMagic)
TODAY -- Pictured: Bill O'Reilly appears on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
NEW YORK, NY - OCTOBER 16: Bill O'Reilly attends the 11th annual Giants of Broadcasting Honors at Gotham Hall on October 16, 2013 in New York City. (Photo by Noam Galai/WireImage)
THE VIEW - (10.1.13) Today's guest co-host is Jason Biggs ('Orange is the New Black.') Guests include Bill OReilly (author, Killing Jesus); Matt Long and Lorraine Bruce (ABC's 'Lucky 7') on ABC's 'The View.' 'The View' airs Monday-Friday (11:00 am-12:00 pm, ET) on the ABC Television Network. (Photo by Fred Lee/ABC via Getty Images) BARBARA WALTERS, BILL O'REILLY
Regis Philbin talks with Bill O'Reilly, of the O'Reilly Report, during the Court TV celebration of it's 10th anniversary at American Park inside Battery Park in New York City on July 18, 2001. photo by Gabe Palacio/ImageDirect
Bill O'Reilly attends the benefit for Homeless Children on November 16, 1989 at Letizia Restaurant in New York City. (Photo by Ron Galella, Ltd./WireImage)
THE TONIGHT SHOW WITH JAY LENO -- Episode 4420 -- Pictured: (l-r) Bill O'Reilly during an interview with host Jay Leno on March 1, 2013 -- (Photo by: Margaret Norton/NBC/NBCU Photo Bank via Getty Images)
TODAY -- Pictured: (l-r) Hoda Kotb, Kathie Lee Gifford and Bill O'Reilly appear on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
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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.

20 PHOTOS
Stars react to Bill O'Reilly's FOX News exit
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Stars react to Bill O'Reilly's FOX News exit
Say what you will, but Bill O'Reilly always had your back. And if you were a woman, he might try for your front, too. #RipPapaBear #LSSC
Bye, Bill O'Reilly. Don't let the door grab your pussy on the way out.
I'm certainly a narcissistic actor who loves attention but I take no joy in Bill O'Reilly. He's a disgusting pig & Fox News is still garbage
Bill O'Reilly. Bill Cosby. Billy Bush. I'M THE ONLY GOOD BILLY ON TV!!!!!
Gretchen Carlson. Megyn Kelly. Greta. Roger Ailes. Bill O'Reilly....amazing amount of exits -forced and voluntary- in 1 year at Fox News.
All the threats from O'Reilly's lawyers were bluffs. @DrWendyWalsh & @LisaBloom didn't back down. O'Reilly is gone. Protest voices heard.
New book by FOX News: Killing Bill O'Reilly.
It's confirmed: O'Reilly is fired. There is no force greater than the collective power of our voice. #DropOReilly https://t.co/uz5t4bxx2M
Well Bill, I guess we wont be doing it live. 👋🏼 @oreillyfactor https://t.co/NZkCHjFCQv
I say this in all sincerity, without joy, and with malice towards one: fuck Bill O'Reilly.
3 FAMOUS OLD MEN…ROGER AILELS, BILL O’REILLY,& DONALD TRUMP HAVE SEXUALLY HARASSED WOMEN 4 YRS,TWO GOT FIRED,& ONE WAS ELECTED PRESIDENT‼️
Fox firing Bill O'Reilly is huge and hopefully sends an effective signal to all guys, however powerful, who harass & maul women
Wait, @oreillyfactor is NOT returning to @FoxNews after his vacation?! Color me SHOCKED! 😒 #HowsMyHairBill? #DidItDistractYouFromThisTweet?
ICYMI @FoxNews has been settling w/ women for YEARS they only cut @oreillyfactor loose because they were losing $$$ #ProfitsOverPeople #MAGA
I guess when you elect the head crank you don't need the junior cranks anymore. https://t.co/Y9a3Sdycb1
Bill O'Reilly Alex Jones Rudy Giuliani Tomi Lahren Chris Christie People who are having a waaaaaay different 2017 than they expected.
New book by FOX News: Killing Bill O'Reilly.
I want to thank @oreillyfactor and @jasoninthehouse for their interest in @crookedmedia, but sadly we're not hiring new hosts at this time.
Bill O'Reilly out at @FoxNews next stops: court and prison!
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