Simon Cowell has revealed that he is considering axing The X Factor after this year’s series.The Syco boss already has a new format "in development” to replace the talent show franchise, which launched in 2005."In a year’s time we might say, ‘Right, that’s the end of The X Factor. Let’s start something new’,” the Daily Star quotes him as saying.

Of last year’s ratings dip, the music mogul said: "I’d rather fall off the cliff on numbers than deteriorate slowly.”

The 52-year-old, who quit the talent show last year to launch X Factor in the US, recently signalled his intention to return to the UK panel.