P. Diddy says he would "gladly" replace Simon Cowell on American Idol. The British music mogul announced he was leaving the US singing contest earlier this year. His decision left show bosses clambering to sign up a big-name celebrity to take his place, with Madonna, Jamie Foxx, Howard Stern and Harry Connick Jr. all said to be in the running. Diddy has now put himself forward for the role and believes he has the experience to guide budding musicians. The 40-year-old star has launched his own talent searches in the past, putting together music acts for MTV show Making the Band. However, Diddy has one condition before he agrees to join the judging panel for American Idol - he wants to be given a huge salary. "If they gave me the amount of money that he was making I would gladly do it," Diddy revealed on British television show GMTV. "In fact, I have a new negotiation, I would take a five percent cut in what he was getting. He was on something like $34 million." Diddy - real name Sean Combs - also went on to speak about British comic Russell Brand. The pair became close while shooting new comedy Get Him to the Greek. Diddy recently joked the actor`s fiancée Katy Perry had banned him from attending Russell`s bachelor party because of his reputation for partying. He has now claimed he will also miss out on the pair`s forthcoming nuptials because of his bad behaviour in the past. "Russell Brand is my best friend," he said. "But I am not allowed to go to the wedding. I am one of those guys who is just not allowed at weddings or bachelor parties. I am not a bad influence, I am definitely a great influence - but my reputation precedes me."