The Daily Telegraph reports that the pair, who are said to be close friends, will form a new company involved in television production, talent management and merchandising.
It will be based in London and Los Angeles, with Cowell focused on the presenting and production side and Green overseeing finances and merchandising.
It is thought the new venture will work closely with Cowell's existing production company Syco, which is behind the hits 'Britain's Got Talent' and 'X Factor' as well as being the record label to which contestants such as Susan Boyle and Escala are signed.
The new company has not yet been formally set up or named, but the Telegraph reports a source close to the deal saying "Simon is 100% committed to this".
Sir Philip Green is the owner of the Arcadia Group, home of leading retail brands such as Topshop, Burton, Dorothy Perkins and Miss Selfridge.
Lately he has been frequently photographed with model Kate Moss, who is behind a successful line of clothes at Top Shop.
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