America's Got Talent Bosses are desperately trying to find money to extend their big stars' contracts for next season – and sources reveal everyone on the show is panicking about how the crippling budget cuts will play out!

“The future of the show is in turmoil and the brutal end result is that it no longer has the budget it once had to afford these people,” an industry insider tells us exclusively Life & Style.

Executive producer and head judge Simon CowellThe 65-year-old actor revealed in a recent interview that he has not renewed his celebrity co-stars' multi-million dollar contracts.

“Simon makes it very clear that the audience is tuning in to see the performances, not the judges,” the source says. “It's very possible he can shake things up and bring in all the new players that sit at the table with him!”

Heidi Klum51, Sofia Vergara52, and Howie almondThe 68-year-olds have helped the rival show defeat the summer ratings war for several years – but insiders say that doesn't mean their jobs are safe.

“The show needs to be cut so no one gets the royal treatment,” the insider adds. “The really worrying thing is that Heidi, Sofía and Howie don’t come cheap and the powers that be may have to sign top talent if they can’t make a deal!”

Simon is “first and foremost a businessman,” emphasizes an insider: “He'll keep the show on the air, but he's also a pragmatist.” He knows he has to make a profit for the network and for himself, so he will make cuts if necessary.”

Network bosses have teased bringing back former judges, among other things Baywatch star David Hasselhoff and controversial journalist pier Morgan – but those aren't the only changes being discussed, according to the source.

“Everything is up in the air at the moment,” the insider continues. “Everyone from the producer to the lowest production assistant is worried and hoping that Simon can work his magic and find the money he deserves.”

Another source close to the show said the opposite was true, insisting that bosses are not prioritizing performances and are just spending their time and money on keeping the judges happy!