Lawyers for Lord McAlpine have revealed he is seeking a larger payout from ITV than the £185,000 settlement he agreed with the BBC.
ITV is thought to have until this afternoon to respond to demands from the former Tory politician's legal team to pay damages over false claims linking him to child sex abuse.
It found itself brought into the row when This Morning host Phillip Schofield ambushed David Cameron live on air with a list of alleged paedophiles.
Schofield briefly showed the names to viewers as he handed over the list and asked the Prime Minister if he would investigate them.
He took the step after fevered speculation online following a BBC Newsnight report claiming a senior Tory from the Thatcher era had been involved in a notorious child sex abuse case.
It did not name the politician, but Lord McAlpine was identified on social media.
Lord McAlpine has said his reputation will never recoverThe peer put out a statement protesting his innocence 24 hours after This Morning's stunt and later that day his alleged victim confirmed he had accused the wrong man.
The BBC has already paid out £185,000 plus costs after admitting its programme was broadcast without the "basic journalistic checks" being done.
But ITV has yet to settle and is set to be hit harder because it is a commercial broadcaster and also because of the manner of its coverage.
"This was also done in broad daylight in a premeditated way in front of the Prime Minister. It was that programme that prompted Lord McAlpine to come out with his statement," his spokesman told The Times.
Lawyers had made clear ahead of the BBC settlement last week that they were mindful of the effect on the licence payer and had "tempered" their demands accordingly.
An ITV spokesman said: "We have received correspondence from Lord McAlpine's representatives and we will be responding in due course."
The broadcaster has already taken disciplinary action, with Schofield and members of the production team believed to have received written warnings.
Lord McAlpine's lawyers are also preparing action against a large number of Twitter users who identified the peer in connection with the false sex abuse claims.
They could include Sally Bercow, the wife of the Commons Speaker, journalist George Monbiot and actor and comedian Alan Davies.
Both ITV and the BBC are being investigated by media watchdog Ofcom for their handling of the allegations.
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