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UPDATE: Michael Jackson Passes Physical, Ready To Perform –

Michael Jackson has reportedly passed a battery of medical tests and has been cleared for his planned series of summer concerts at London’s O2 Arena, according to Fox411 columnist Roger Freidman.

Jackson — I can tell you exclusively— has no looming diseases or any other physical ailments that would prevent him from getting insurance or making his commitment to AEG Live for 10-30 shows this year,” wrote Friedman in Wednesday’s column. “He received a clean bill of at least physical health.”

Friedman adds, “AEG Live has guaranteed him $10 million for 10 concerts. If the shows are well received and attended, and Jackson can make the commitment, AEG Live will have him do a total of 20-30 shows with a possible $30 million total.”

The King of Pop is scheduled to hold a press conference today at the London venue to announce more details about the concerts.

Michael Jackson is set to make a “special announcement” in London Thursday confirming longtime speculation that he will perform a string of concerts at the city’s O2 Arena.

Celena Aponte, spokeswoman for the venue’s operator, AEG Live, said Jackson arrived in London on Tuesday and would appear at a press conference at the arena Thursday afternoon.

Sky News is reporting that the first dates of the concerts will be announced at the press conference, while more dates will be revealed at a later date – emulating Prince’s successful 21-night stay at the venue in 2006 – if interest in the shows is as high as promoters expect.

Jackson’s last live performance in Britain was at the 2006 World Music Awards. He was scheduled to perform “We Are the World” but only managed a few lines before leaving the stage.

Can’t wait for Michael Jackson to come back? Check out this video:

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