Simon Cowell has reportedly had multiple meetings with Ben Frow, the head of Channel 5, about making shows for the broadcaster.
The entertainment mogul, 63, has chiefly worked with ITV in the UK for more than two decades - his format The Greatest Dancer aired on the BBC - and is contracted to appear as a judge on the long-running Britain's Got Talent until 2025.
ITV enjoyed huge success with Cowell's The X Factor franchise from 2004 until 2019, when it was dropped amid flagging ratings and format fatigue.
Last year it was claimed that Channel 5 was keen to bring back The X Factor, and now that speculation has been given weight by a report in The Sun saying that Cowell is in active discussions with the channel.
"This would be a huge move for Simon, who carved out a TV career based on BGT and X Factor on Channel 5's rival station," a source told the newspaper.
"It would effectively see him turn his back on ITV after two decades which have seen him deliver them two of their biggest hits.
"There's a strong sense that one chapter is ending and another beginning and Channel 5 are keen to be a part of that.
"But they'd need to nail down a seven-figure contract to seal the deal to bring him across."
In addition to his work on BGT, Cowell continues to appear as head judge on America's Got Talent and collaborates with TikTok on a music talent discovery initiative called StemDrop.
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