Word is that Gayle King is this/close to signing a new deal at CBS News which will give her a huge raise.

FTVLive told you that King was looking for a big pay day and we said you should expect CBS to pay it.

Now, the New York Post says that King is poised to sign a new multimillion-dollar contract to stay at CBS News.

Insiders believe King — who already has a $5.5 million-a-year deal — is much needed on struggling “CBS This Morning,” as news chiefs attempt to boost the show’s plunging ratings.

Meanwhile, all negotiations over whether her co-host Norah O’Donnell will replace Jeff Glor on “CBS Evening News” are on hold until King’s deal is signed, Page Six has learned.

O’Donnell wants to move the show to Washington, DC, but we’re told: “Everything has gone very quiet. Nothing will be done until Gayle has signed her contract. It looks likely that she’s staying — but we don’t know what the holdup is.” CBS News staff are on tenterhooks about the possibility of the “Evening News” HQ moving to DC.

Stay tuned…