Former Federal Reserve Chairman Alan Greenspan, famed for clouding the meaning of his words, signed a deal on Tuesday to publish his memoirs with The Penguin Press, after a fierce bidding war.
Penguin, a unit of Pearson, said it would publish Greenspan's book in Autumn 2007, but gave no details on how much he would be paid or whether the cryptic former central banker would use a ghostwriter.
But publishing industry sources said bids had topped $8 million as Washington lawyer Robert Barnett negotiated with top publishers, including Random House imprint Knopf, Warner Books and HarperCollins.
Such an advance would be one of the biggest in publishing history, though short of the estimated $12 million Random House reportedly paid former President Bill Clinton his book.
Pope John Paul II, Senator Hillary Clinton and former General Electric chairman Jack Welch also rank among the top recipients of upfront money before any books are sold.
The New York Times, which obtained a copy of Mr Greenspan's 10-page book proposal, said it starts with an anecdote on how he heard of the September 11th attacks while flying from Zurich to Washington.
The newspaper also reported the book discusses his opposition to economic protectionism, his explanation of the "conundrum" of long-term interest rates and his view that China will play a major role in the global economy.
As to whether Mr Greenspan will dish the dirt on any of the world leaders he met, he was vague in his proposal, writing, "I do not intend to dwell on personality aberrations, except as they affect policy decision-making -- which, of course, always involves personalities."
Greenspan will also suggest that the divide between Republicans and Democrats has become so large that a well-financed independent candidate will emerge in either 2008 or 2012, the Times reported.
A symbol of integrity while in office, he raised eyebrows on Wall Street for speaking on the economy at private events just a week after leaving the central bank, charging more than $100,000 per appearance for his musings on the US economy.
While Mr Greenspan made global headlines for his economic views, it remains to be seen whether he can produce a page-turning read after years in a job where he appeared to speak in extraordinarily cryptic financial terms.
Among Greenspan's best-known proclamations was his 1996 suggestion that the stock market might be suffering from "irrational exuberance."
While that phrase went down in history, it was buried in a rambling, 4,000-word speech. Greenspan admitted his statements could be confusing, joking, "If you think you understood me, it's because I misspoke."