"I know Noel quite well. I like him. He is very funny and a brilliant songwriter - it's a possibility," the Mirror quoted him as saying.
Cowell further mentioned that it would be impossible to rope in someone as big as the Queen of Pop Madonna. He said: "It will never happen. You have got to give a massive, massive time commitment. You have got to find people who are prepared to give that much time."
Cowell is leaving the show to launch an American edition of The X Factor.