Peter Mandelson is on the verge of a dramatic political comeback with a posting to Brussels as an EU commissioner.

He is said to have been offered the role by Tony Blair.

If he accepts, it is thought likely that the two times former Cabinet minister's political career in the UK would effectively be over.

The Hartlepool MP will have to give up his seat, triggering an autumn by-election in the previously safe Labour constituency.

He will be in line for a £195,000 per year package.

The Sun reports that bookmakers have offered odds of 3/1 on Mandelson not seeing out his four year term.