Simon Cowell Simon Cowell

Simon Cowell's new deal with Fox could bring Britain's The X Factor to American TV.

Cowell, who is in the final year of his current American Idol contract, has been open about wanting to bring his British hit stateside, according to The Hollywood Reporter. His existing contract would not allow it.

Check out photos of Cowell on Idol

If a new contract is agreed upon, Cowell could executive-produce X Factor

for Fox and also be locked in to Idol through the 2011-12 season. Cowell is reportedly expected to earn $50 million a season on Idol, as well as another $50 million for each cycle of X Factor. It's unclear if Cowell would be a judge on the new show.

News: Simon Cowell Near Deal for Three Years of Idol

The X Factor is a music talent competition similar to Idol. The British version of the show discovered singer Leona Lewis. Do you think another talent competition is a good thing?