A spokesperson for ITV said the broadcaster was in talks with Cowell over a number of projects, and that he was due in the country next week.
However, there was no confirmation that 'The X Factor' would be made by Simcow.
According to a report in Broadcast magazine, 'The X Factor' will see competitors audition to join one of three bands, to be selected and managed by three judges. Cowell will be one of the judges along with the Irish boyband manager Louis Walsh, and possibly the former Spice Girl Mel B.
ITV is reported to be giving the 'Pop Idol' format a rest this year, with Cowell reluctant to sign for another season as a judge, and hosts Ant and Dec wanting a break from the programme.
Simcow was set up by Cowell with the help of US TV network Fox, producer of 'American Idol'. Fox agreed to back the production company after Cowell signed an agreement to appear as a judge on 'American Idol' until the 2005/2006 series.
The current series of the programme is proving a huge ratings winner for Fox. However, Cowell found himself in hot water last month when the US website The Drudge Report claimed that he had been making rude finger gestures to fellow judge Paula Abdul.
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