Music promoter Randy Phillips says U.S. singer Michael Jackson may unveil a new dance move during his upcoming performances in London.

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Phillips, Anschutz Entertainment Group Live's chief executive, said the "Thriller" singer has been working on a dance move he could reveal for the first time during one of his 50 scheduled performances at London's O2 Arena, The Daily Telegraph reported Saturday.

"He's working on a new move. Something like the Moonwalk, but different," Phillips said, referring to Jackson's signature dance move.

Phillips also downplayed rumors Jackson decided on the London performances after struggling financially.

"I asked him straight off: why say yes to the tour now? Was it the money? He said 'You know what? My kids are old enough now,'" Phillips said.

Phillips said Jackson, who has three children, should earn at least $50 million.

The AEG official, whose company operates the O2 Arena, told the Telegraph the concerts are a "risk" for AEG.

"We're not in this for the money," he said. "We're taking a huge risk on Michael. Forgetting tickets, the local economy will get $500 million."