According to the Daily Mirror, the 30-year-old star tops a list of other famous names who could take over Dermot’s role as presenter.
American Idol host Ryan Seacrest is the next favourite, while another X Factor contestant Marvin Humes, who’s currently part of the presenting team on BBC1’s The Voice, is the third favourite. They are followed by Ant and Dec and Caroline Flack, who co-presented The Xtra Factor with Olly.
According to MailOnline, Olly and Caroline are already in talks with the show’s bosses.
The list of possibles include two celebrities who hit the headlines this week – former One Direction star Zayn Malick and sacked Top Gear host Jeremy Clarkson!
Olly’s enjoyed phenomenal success as a chart-topping singer since he came second to Joe McElderry in the 2009 series of the singing competition.
He’s released four albums and had four number one hits. Four of his singles have been nominated for Brits and he was nominated for the British Male Artist Award at the 2013 ceremony.
His latest single, Seasons, is the third to be released from his number one album Never Been Better.
After announcing he was stepping down as The X Factor’s presenter on Twitter,
Dermot said, “I’d like to wish the team all the best for the future, especially whoever takes over from me. You’re about to be the conductor on the most brilliant, runaway train in showbiz. “