Cowell has been named as the highest-earning TV personality in the US
X Factor judge Simon Cowell plans to take the ITV talent show format to Las Vegas as part of a global internet venture, he has told GQ magazine.
The 50-year-old is teaming up with retail tycoon Sir Philip Green - who he says has "show business in his blood" - for the project.
Cowell said the pair planned to stage two shows a week which fans could watch online on a pay-per-view basis.
The pair are currently in talks with a major venue in Las Vegas.
Sir Philip, owner of the Arcadia Group - the firm behind Topshop and Miss Selfridge - told GQ: "We'll have a permanent place. The home of X Factor - live from Las Vegas.
"We'll have a store. And it'll be online.
"Vegas is tailor-made for this show. You get to the final 12, your dreams come true - you're going to sing in Vegas."
Cowell and Sir Philip told the magazine that, if the project was successful in Las Vegas, they planned to stage similar X Factor competitions in other countries.
Cowell said he was impressed by the concept of Grand Prix events developed by Formula One boss Bernie Ecclestone.
"I like the model of what Bernie Eccleston has done," he said.
"The Singapore race is as good as the French race is as good as the English race."
Cowell and Sir Philip met 10 years ago in Monte Carlo.
"In a funny way, we're in the same business," said Sir Philip.
"We both understand the consumer - we know what the public wants."
Last month, Cowell - who is also a judge on American Idol - was named by Forbes.com as the highest earner on US television.
Cowell earned an estimated $75m (£44.7m) from June 2008 to June 2009.
In April, Sir Philip opened the first US Topshop in New York.
Last year, he appeared in ninth place on the Sunday Times Rich List.