Paul Dacre will remain editor of the Daily Mail despite turning 65 after agreeing a new contract.
The new deal was confirmed by his boss Viscount Rothermere in the October editon of Tatler magazine which is out tomorrow.
It had been believed that Dacre might retire next month when he celebrates his 65th birthday, but now he will remain in charge of the Daily Mail for at least a further 12 months.
Rothermere told Tatler: “Paul Dacre is not stepping down as editor of the Daily Mail, where he is still doing a brilliant job – indeed, he has just agreed a new contract."
Last year, Dacre earned almost £1.8 million with a five percent salary increase as well as a bonus of £500,000 which he has earned for each year he has worked past his contractual retirement age of 60.
Tatler spoke to Rothermere to compile a profile of the Mail on Sunday Editor Geordie Greig who is seen by some as Dacre’s heir apparent.
Rothermere said: "When the time comes for Paul to hang up his hat from day-to-day editing of the Mail, I think that Geordie is definitely a contender. He's proven himself as a magazine and newspaper man and he is definitely in the frame. But I am fortunate that, in my company, there are many strong contenders."
News of Dacre's extended contract hasn't been universally welcomed following a row this week over the paper's description of Ed Miliband's late father as "the man who hated Britain".
Only a matter of time before Dacre resigns. It's what he would demand of another in this situation. Unless of course he's a hypocrite.
— Gary Lineker (@GaryLineker) October 1, 2013
Greig himself attempted to reduce speculation over him succeeding Dacre at some point in the future saying: "Don't believe the rumours."
Dacre is the longest serving editor on Fleet Street having edited the Daily Mail since 1992. He has been editor-in-chief of Associated Newspapers (which includes Metro and the Mail on Sunday) since 1996. He is also the UK's highest paid national newspaper editor.