Simon Cowell Confirms: 'I'm Leaving American Idol'

Simon Cowell photo credit INFDaily.com.

Cowell reveals this is his last season on American Idol.

Simon Cowell announced on Monday that the buzz is true: he will take his final bow from American Idol when the upcoming season finishes. He also announced where he's going next...cha-ching!

Are you ready for X Factor, America? Simon Cowell thinks so. He'll take his permanent leave from Idol to work on developing the U.S. version of the show that launched Leona Lewis in the U.K. in 2006. "The X Factor will launch in 2011," Cowell announced to reporters Monday at the Television Critics Association's winter press tour in Pasadena. "Because of that, this will be my last season on American Idol."

However, he'll stick with the FOX family. In a statment, Cowell confirmed, "I'm ... delighted to be continuing to work with FOX. We have a fantastic relationship, a great team and are all very excited about this."

And there's another family favorite Simon may bring back: Paula Abdul is still on Simon's radar. Simon said, "I adore Paula. Whatever happens, I will be working with her in some capacity." Why? "Because I miss her."