Universal Studios Orlando is in talks with Oscar-winning director Steven Spielberg over a buyout clause in his deal with the park, which could cost the resort millions.

Spielberg, who has directed films such as E.T. the Extra-Terrestrial, Schindler’s List, Jaws and Jurassic Park, signed a deal with Universal 20 years ago whereby he would receive 2 per cent of the park’s gate receipts in exchange for his input and endorsement.

As of June 2010, Spielberg has the right to end the deal by way of a buyout clause, which could cost Universal Orlando hundreds of millions of dollars.

However, according to the Orlando Sentinel, Universal’s chief financial officer Tracey Stockwell said during a conference call to discuss the company’s second quarter earnings that “ongoing discussions are being held” about the director’s buyout clause and that the resort was “hopeful for a resolution in the short term”.