After three seasons, Fox canceled The X Factor in February, amid dismal ratings that plunged year after year despite ploys like adding Britney Spears to the judging panel. The show never came close to matching the popularity of Cowell's other export, American Idol.
Cowell left the British version of The X Factor in 2010 to launch the American version, but after that was canceled, he returned to the judges' panel of the original show this year.
According to the Mirror, the revamped X Factor would premiere in 2015, with Cowell on the judging panel. He's also reportedly hoping to bring Nicole Scherzinger, a former judge on the UK version, with him.
Fox has not commented on the report.
Do you think Fox should bring back The X Factor?
On the Set: How Once Upon a Time brought Frozen to life