U.S. shock jock Don Imus, fired for making racist remarks, reportedly may try to recoup about $40 million left on his contract with CBS Radio.

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While CBS attorneys said Imus was fired April 12 for cause and is not owed money, a lawsuit could turn on interpretation of contract language that purportedly encouraged his irreverent and sometimes incendiary discussions, a person who read the contract told Fortune magazine.

The language was part of a five-year contract, effective last year, which paid Imus nearly $10 million a year. A clause said Imus was to be given a warning before being fired, Fortune reported on its Web site Wednesday.

Both CBS and Imus declined to comment.

One observer said Imus' attorney, a First Amendment expert, might have difficulty arguing free speech because Imus' remark -- calling the Rutgers University women's basketball team "nappy-headed hos" -- was made over public airwaves regulated by the Federal Communications Commission.

"In my mind there is a big difference between someone who is under contract and is under FCC regulations and someone who speaks out in town hall," said Washington attorney Lynne Bernabei.