Publishers are reportedly bidding $7 million for an investment advice book that Warren Buffett is working on.

NEW YORK (CNN/Money) - Investment guru Warren Buffett is planning to cooperate on a financial advice book that has prompted a bidding war among publishers eager to land the title, according to a newspaper report Wednesday.

The New York Post reported that the book would be written by former stock analyst Alice Schroeder, who once followed Buffett's company, Berkshire Hathaway (Research). The paper reports that bidding on an advance is already in the $7 million range.

"We're astonished," one publisher who dropped out after the first round told the paper. "That's Hillary Clinton and Jack Welch territory — and he (Buffett) isn't even writing the book himself."

The paper reports that the record high for a book advance is the $12 million paid to former President Bill Clinton from the Alfred A. Knopf imprint of Random House Inc. for his memoir, "My Life."

The paper reported that having Schroeder write the book is somewhat of a surprise. Many had speculated that if Buffett ever did write a book it would be with Fortune senior writer Carol Loomis who would write it. Loomis worked closely with Buffett for years and edited the famous annual letter to shareholders in his Berkshire Hathaway.

Loomis told the Post that she and Buffett had talked about him writing and her editing an investment advice book for a number of years, but he had not wanted to do the work required.

Forbes estimates Buffett's worth at $44 billion, behind only Microsoft founder Bill Gates, his friend who is estimated to be worth $46.5 billion.

For a look at the six-figure price tag for a lunch with Buffett, click here.

For a look at Buffett's Fortune magazine article on what he believes needs to be done to fix America's financial problems, click here.