The 59-year-old music mogul has guided the money-spinning shows since they first arrived on TV screens in the UK, and Simon has now reached an agreement with ITV to keep them on the air for the next three years.
A source explained: "There have been meetings recently between Simon's producers and ITV executives to thrash out some of the details, but Simon is already planning how to build on the shows' successes on ITV.
"Everyone is looking forward to the future."
Simon still needs to iron out the finer details of his agreement with ITV, but the much-discussed shows are set to remain on air for years to come.
The insider told the Daily Mirror newspaper: "Whilst there may be some details in the paperwork still to be ironed out, from a fans' point of view it is a three-year deal, which means these much-loved shows will remain on ITV for a long time to come."
The previous agreement, which was singed in 2016, is said to have earned Simon around £25 million.
It's also been claimed that under the terms of the new deal, both shows will retain their generous production budgets.
Ent Daily has contacted reps for Simon for comment.
Simon is already planning how to build on the shows' successes on ITV.
It comes after Simon's former X Factor co-star Louis Walsh said he wants the music mogul to be knighted.
The 66-year-old star - who is excited to return to The X Factor judging panel after being sacked back in 2018 after 13 years as a judge - also insisted there are "no hard feelings".
Louis told The Sun: "I love Simon. Simon's the best person in the world. I love working with him.
"I used to work with him every day. The reason Westlife are here is because of Simon. He started this band. He gave us all the hits. He was an amazing A & R guy. Nobody better."
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