In a chat with former X Factor finalist Rylan Clark on his new chat show Up Late With Rylan, Mel said the money would have to be right though!
In this evening's programme which airs later at 11PM on Channel 5, Mel tells Rylan about The X Factor: "I love that show, I've always enjoyed going on it.
"If my name comes up...he [Simon] throws a lot of names up in the air.
"I'd love to be involved. If the money is right!"
However Rylan himself has been campaigning to get Nicole Scherzinger back on the panel after all of Rita Ora, Nick Grimshaw and Cheryl Cole quit.
"I would love Nicole [Scherzinger] back, because I think she was a great judge," he said this week. "She was my mentor - she was amazing. She's so into it as well. "
Elsewhere on Up Late With Rylan this evening, Mel B spills on a possible Spice Girls reunion... and it could actually be happening!
She teases: "I'd just flown in for the LGBT awards and I thought I'd just see if my girls were available to hang out and be a bit creative…Haha, damn it.
"I didn't say anything. Emma, Geri, I didn't say anything!”
Up Late With Rylan airs tonight at 11PM on Channel 5.
Alongside Mel, guests on the show will include Radio DJs Rickie Haywood Williams and Melvin Odoom, former BGT finalists Stavros Flatley, musicians WSTRN and Geordie Shore’s Marnie Simpson.