Ken Livingstone could earn up to £1 million by writing his autobiography

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Ken Livingstone could earn up to £1 million by writing his autobiography following his defeat in the mayoral race.

The 62-year-old has already told how he wants to begin writing his memoirs, charting his extraordinary ascent from growing up in a working class house in Lambeth to becoming the two-time Mayor of London.

Publishing houses are now said to be bidding for the rights to his book, but say it must “dish the dirt” on his relationship with Gordon Brown for it to be worth big money.

One source close to a central London publishing firm said: “It’s well-known that he and Brown do not get on. If he spills the beans about their run-ins – and his relationship with Tony Blair – he could earn a great deal of money.

“But if it’s a saccharine affair, glossing over the major rows, it will obviously be worth a lot less.

“But he will also have to write fast if he wants to cash-in. If Labour are no longer in office by the time his book comes out, its value will plummet.

As polling day and a possible election defeat loomed, the mayor also let slip that he might replace Johnson as a professional speaker.

He quipped: "If I lost there would be a vacancy on the after-dinner speaking circuit so we would really just be swapping jobs.”

Livingstone could initially be able to command up to £5,000 for a single appearance, although this would diminish.

Despite drawing a parliamentary pension from his 13 years as an MP, Livingstone cannot afford to retire.

He has five children by three different women and he remains in regular touch with all of them.

All he has admitted publically so far for his future plans is to “have a bloody great drink” to drown his sorrows.

Today he was expected to take his children to school as he begins life outside politics for the first time in nearly 40 years.

Johnson hinted there could be a role for his predecessor in the new-look Greater London Authority, but friends believe Livingstone would be unable to stomach working for his Tory opponent.