Barack and Michelle Obama set for record breaking book deal with bids reaching $60 million

Barack and Michelle Obama  are poised to make at least $60 million (£49 million) from a book deal.

According to the Financial Times, a bidding war has started between publishers for the rights.

Although Mr and Mrs Obama will be writing separate books, they are negotiating a joint publishing deal.

A number of leading publishers are in the running. It is claimed that Penguin Random House, which has published three other books by Barack Obama, is in pole position.

These books are estimated to have earned Mr Obama $15 million over the last 11 years.

But they are understood to be facing competition from HarperCollins, Simon & Schuster, and Macmillan.

Mrs Obama made a surprise visit to a school in Washington DC on Tuesday. 

In her first semi-official outing  since laving the White House, she met 14 students and staff at at Ballou STAY High School.

The price tag for the Obama books will shatter the previous record for presidential memoirs. Bill Clinton made $15 million, while his successor, George W Bush was paid $10 million.

Hillary Clinton is reported to have been paid $14 million for her book, Hard Choices, which was published in 2014.

The Obamas, however, will have some way to go before they match the earnings of J K Rowling who, thanks to her Harry Potter books, is estimated to have earned nearly $2 billion.