EXCLUSIVE: Inside Steve Harvey's Massive Multi-Year Deal to Host Miss Universe

Despite his embarrassing mistake at the conclusion of the Miss Universe pageant on Sunday, host Steve Harvey will likely be returning to the stage next year, multiple sources confirm to ET.

A source close to production tells ET that the 58-year-old comedian and Family Feud host signed a multi-year contract to host Miss Universe just days before the pageant aired Sunday, and that his paycheck is "more than they've ever paid before for a host."

WATCH: Steve Harvey Posts Inspirational Message Following Miss Universe Blunder

The source says the deal is for at least three years, possibly even as many as six or seven.

Contract negotiations came down to the wire, according to the source. While Harvey had already been announced as this year's host before the contract was finalized, the production didn't start booking his travel until just a few days before the show.

WATCH: Behind-the-Scenes of Miss Universe 2015 and Steve Harvey's Awkward Mistake

During Sunday’s broadcast, Harvey mistakenly named Miss Colombia as the new Miss Universe, when the title was supposed to go Miss Philippines. Harvey awkwardly apologized and explained the error on live TV while the crown was removed from Miss Colombia's head and placed on a shocked and confused Miss Philippines.

According to the source, Harvey "was mortified" by his mistake, which was apparently a "real ego-crusher" for the veteran TV personality.

WATCH: Miss Philippines Pia Wurtzbach Opens Up About 'Confusing' Miss Universe Win

However, WME/IMG -- the media agency that purchased the Miss Universe Organization from Donald Trump earlier this year -- "really loves" Harvey, the source explains. In light of the attention Harvey's blunder has brought to the pageant, they likely have no qualms about bringing him back.

According to Harvey, who is also repped by WME, the mix-up came about because he didn't rehearse who would be Miss Universe, as the winner had not yet been decided. Multiple sources tell ET that Harvey didn't attend Friday's rehearsal and wasn't present for the entire rehearsal on Saturday, however other sources close to the pageant tells us Harvey was at every rehearsal he was required to be at.

WATCH: Steve Harvey Explains How He Mistakenly Announced the Wrong Winner of Miss Universe

For more on how Harvey's embarrassing Miss Universe mistake happened, check out the video below.