Paul Hogan, the Crocodile Dundee star, is suing the Australian government for damaging his reputation during a failed criminal investigation into his tax dealings.
Fairfax Media reported that the actor's lawyer said he could seek up to £51 million for loss of earnings from the five-year probe.
Andrew Robinson was quoted as saying: "His earning potential and reputation has been decimated in the international community and it has had that level of effect on his position."
Investigators sought to prove suspicions that the 71-year-old used offshore bank accounts to conceal earnings after Crocodile Dundee became a hit in 1986.
The investigation was dropped in November.