Simon Cowell will bid farewell to American Idol next May and begin starring in an American version of his hit British singing competition, X Factor, starting in 2011, according to a new report.

Cowell, whose Idol contract expires in May and who has been in talks with Fox since last summer, is preparing to announce the new arrangement with Fox early next year, The Times Of London snitched this week.

The acid-tongued music mogul and pundit “is poised to sign agreements with the Fox Broadcasting Company and ITV that will secure his place on primetime television in Britain and the US for the next two years,” says a spy. The UK TV talent show hit features Cowell and two other judges helping to mentor X Factor contestants. Viewers vote on which singers stay or go…..

According to the Times report, Cowell host X Factor in Los Angeles beginning in September 2011, also to be shown on Fox.