Elizabeth Hurley and her entrepreneur lover Arun Nayar are planning a grand wedding in February next year.

The "Austin Powers" actress - who turns 40 next week - has revealed plans for a star-studded wedding in February next year but is keeping the exact date and location under wraps.

The couple is finally free to wed after Nayar agreed to a $1.17 million divorce pay out to his estranged wife Valentina Pedroni, reports celebrity portal Femlefirst.

The Indian business tycoon had been locked in a bitter court battle with his 35-year-old Italian wife for years - but reluctantly gave in to her staggering demand in an attempt to end the feud.

A friend said: "Valentina made it clear she would not make it easy for Arun to marry again by agreeing to a quick divorce and she has been true to her word.

"They have been fighting it out legally for years, but at last Arun and Liz will be able to tie the knot."