BRYANT Gumbel has opened negotiations with CBS on his future with “The Early Show,” insiders say.

Gumbel’s $5 million-a-year contract expires in May.

“There’s no indication [that CBS] wants to dump him,” says one source.

“All companies are taking a look at their bottom line. It’s really a question of how much CBS can afford – and how much Bryant is willing to accept.”

Keeping Gumbel would make a lot of sense. Even if he did receive a big raise, he is a relative bargain in these times of whopping salaries.

Case in point: Gumbel’s ex-“Today” show colleague, Katie Couric, who inked a $65 million contract earlier this year that will reportedly pay her $15 million per year.

Another factor in keeping Gumbel is that there don’t seem to be any “Early Show” co-host heir apparents in the wings, ready to replace Gumbel if he bolted.

“Bryant’s contract has a couple of months to run, and we’re in conversations with him,” said a CBS News spokeswoman. “There’s nothing beyond that right now.”

“The Early Show,” which launched in November 1999, stumbled out of the gate and has never made a serious run at NBC’s top-rated “Today” show or ABC’s up-and-coming “Good Morning America” – despite moving into a $30 million street-level studio on 58th St.

But over the past year, “The Early Show” has made strides – increasing its viewership by 6 percent in total viewers (it now averages 2.71 million viewers) while maintaining a strong performance in the key adults 25-54 demo.

By comparison, NBC’s top-rated “Today” show is down 3 percent in viewers. “GMA” is up 8 percent in total viewers.

“This is the best shot CBS has had in that slot in years,” says one insider. Gumbel’s agent, Ed Hookstratten, did not return a call seeking comment.