ITV, the British broadcaster that airs The X Factor, made a statement that said: "There are no current plans for the next series of The X Factor at this stage."

However, this isn't the last we've heard from Cowell, as he has another project in the works. He is planning on resuming his role as judge in the musical game show titled Walk the Line, which will also be produced by ITV. In the show, a range of musical acts such as soloists, bands, and choirs compete for a cash prize, navigating a series of "high stake dilemmas."

"I'm very excited at giving musical talent the opportunity to transform their lives like never before." Cowell said in a statement on the ITV website.