Simon Cowell has reportedly confirmed his return to The X Factor, following months of speculation over his potential comeback.

According to The Sun the mogul has met with show producers to seal the deal and once again take his place as head judge when the next series begins later this year.

And reports suggest he could be in for a £25m payday to be a part of both the X Factor and Britain’s Got Talent panels over the next three years.

“Simon has been annoyed about how the show has fallen off people’s radars and lagged behind Strictly in the ratings – now he wants to fix it,” a source told the paper.

“Without him on the panel the acts auditioning over the last few years have simply not been been as good. There is an allure to performing for Simon — a successful record producer — and without it some singers have decided not to bother.

“The show has also missed the spark as Simon effectively produces the programme as it goes along,” the insider added. “If it’s lacking drama then he will create some in a flash.”

The move also leaves a question mark hanging over his future on The X Factor USA, which he has judged for three series.

Although the show was tipped for the axe after ratings for the most recent series slumped, it is set to return later in 2014, but in a different timeslot.

Speculation is also rife over who may join Simon on the panel of the UK show.

The mogul – whose partner Lauren Silverman is due to give birth to their son next month – is said to be keen on bringing Cheryl Cole back to the panel as well as signing up Rita Ora.

Both Gary Barlow and Sharon Osbourne have said they are not coming back to the show, while Nicole Scherzinger has yet to confirm or deny whether she will return for the next series.

Meanwhile Louis Walsh’s future remains uncertain, having previously announced his intentions to quit – then saying he might change his mind if Simon comes back.