Neighbours 'facing the axe' after 40 years as bosses look to Kylie Minogue to make special return

It could be curtains for the crew on Ramsay Street

Neighbours has reportedly been axed after 40 years on screens.

The iconic soap - which began in 1985 - is expected to end in August this year, according to reports.

It is sure to devastate the thousands of fans it has both in Australia and over here, with Neighbours and Home and Away staples of many an Irish childhood.

It is believed Fremantle Australia have been in conservations for weeks with Channel 5 in a bid to keep the show on air, but there has yet to be a deal made, with fans now fearing this could be the end of the much-loved show.

The soap has seen some of the world's biggest stars make their acting debut including singers Kylie Minogue and Jason Donovan, actress Margot Robbie as well as Hollywood actors Russell Crowe and Liam Hemsworth.

"The cast and crew in Melbourne haven’t been told about the decision. They will be devastated. Neighbours is an institution people grew up with," a source told The Sun.

It is believed there is a gap in revenue of millions of dollars from what the show makes in advertising and what it costs to produce.

"Channel 5 pay Fremantle Australia many millions of pounds every year and, sadly, there’s a shortfall of about £5million in what it brings back in through advertising," a source explained.

"There’s a lot of disbelief and sadness among those who know it’s ending. They are currently in the process of approaching a number of former cast members, including Kylie, to make a special return."

The insider added: "Now it’s the end, it really would be something special to have her back in Ramsay Street one last time."