Tiger Woods, who is working hard on rebuilding his image following the recent sex scandal that hit news headlines, has reportedly knocked back a huge $75 million sponsorship deal with Irish gambling company Paddy Power.

The world's best golfer was offered a deal that would have earned him a sweet $15 million each year over the course of a five year deal, according to entertainment gossip website TMZ.

But Tiger, who lost several major sponsors in the wake of the sex scandal - including Gatorade - might get another chance to sign with the Irish company, with Paddy Power reportedly gearing up to approach him with an even more generous offer in the near future.

Woods announced on December 11 last year that he would take indefinite leave from golf to rebuild his marriage after admitting to cheating on his wife. He has been revealed publicly to have had affairs with at least a dozen different women.

Meanwhile, there have also been reports in the media in the past couple of days that Tiger is back on the golf course preparing for his comeback, which could begin in two weeks at the Tavistock Cup, a team golf event in Florida.