Michael Jackson is to launch a spectacular 30-date comeback at London's O2 arena this summer.

The 50-year-old star has been in secret talks with organisers for months in a desperate bid to revive his career after recent personal problems.

In one of the most lucrative music deals ever, the cash-strapped singer is reportedly on the verge of securing £1.5million-a-night to perform.

Comeback? Michael Jackson arriving at Heathrow on a trip to London in 2007 - he may launch a comeback at the 02 arena this summer

Sources close to the negotiations have dismissed rumours of recent ill health and say a deal is weeks from being announced.

The residency at the 20,000-seat arena will eclipse the longest run of 21 shows at the arena by U.S. singer Prince in 2007.

Jackson is said to favour London over a U.S. venue because he still enjoys huge popularity across Europe.

Organisers AEGLive have already earmarked July for his first performance and are confident he will attract fans from across the world.

Ticket prices are tipped to exceed the record of £500 set by Barbara Streisand's comeback concerts in 2007. It will be the first time Jackson has performed a run of concerts in England since the History tour in 1997.

Return of the king? Michael Jackson performing in Vienna on the European leg of his History tour which was the last time he did a run of concerts in England

A source said: 'It will be the greatest comeback in the history of pop and there would be no problem selling out the O2 every night.

No-one is concerned about his reputation and people don't feel it is a risk. Organisers are confident people will come from all over the world to see him.

'There have been rumours about his health but that is not an issue. He is capable of doing all the shows.'

Another said: 'Bringing a star like Michael Jackson to the O2 is not simple. But things have really progressed and it is on the verge of being tied up.'

Jackson has sold more than 750 million records during his career and is one of the most successful musicians of all time having won 13 Grammy awards and achieving 13 number one singles.

But despite his success, he has been hit by rumours of financial troubles. He has already sold his Neverland mansion and in April he is selling off 2,000 personal items at an auction, although aides say the sale is not motivated by cash-problems.

However, it is understood the singer has accrued debts of more than £150 million due to reckless spending and is desperately trying to recoup some of his losses.

In December his lawyers reached an out of court settlement with Bahraini, Sheikh Abdullah Bin Hamad Bin Isa Khalifa after he allegedly reneged on a recording deal.

Reports that he is suffering from a lung disease have been strenuously denied by Jackson's spokesman who dismissed the allegations as 'total fabrication' in January.

They added: 'Mr Jackson is in fine health and finalising negotiations with a major entertainment company and television network for both a world tour and a series of specials and appearances.'