The film will follow talented youngsters aiming to make it big in the music industry.
Unknown actors will be given the chance to take part in the film, which will be based on hit shows 'X Factor', 'Pop Idol' and 'American Idol'.
The primetime entertainment shows have made Cowell a household name on both sides of the Atlantic and has millions glued to their television screens week in and week out as viewers watch wannabe pop stars of all ages win over music bosses and the public.
The multimillionaire says he will be holding auditions up and down the country to find a talented actor or actress, with one of the lead roles to be British and the other international and possibly American.
'American Idol', which runs on Fox Television in the US, has been hugely successful, giving birth to stars with apparent staying power such as Kelly Clarkson.
Auditions for the latest series of 'X Factor' saw 75,000 hopefuls vying to make it to the last group of singers going to the live Saturday night shows on ITV1, with additional coverage on ITV2, to see who has the ultimate 'X Factor'. Last year saw Steve Brookstein crowned the winner, but he has since lost his record contract.
The first episode of the new series of the 'X Factor' attracted 6.6m viewers -- 40% of the audience on the Saturday night.
Next year, Cowell is to film a new talent show for US network ABC to find the best amateur inventor in America. The winner will receive a £1m contract to produce their invention.
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