Simon Cowell has said that the channel has offered the show another three-year deal for both shows.
Although ITV has yet to confirm an official renewal, Simon says both programmes will continue beyond the end of their current contract in 2019.
While Britain's Got Talent is still one of the most watched TV shows, The X Factor's viewing figures have slid in recent series.
But Simon says that despite the total audience declining, more younger viewers are tuning in.
"We’ve just been offered an extension on both shows because of the 16 to 34-year-old audience," he told The Sun newspaper in an exclusive interview.
Simon explained: “We could probably do three years or five years. It makes a lot of money. We got to a point years ago where we were able to compete with Strictly because there was that huge audience.
“We’re losing people now but fortunately the young audience has actually grown this year and all the advertisers and the sponsors want that income on a Saturday.”
And although it's a long way off, Simon said that "everyone wants" the current line up of X Factor judges - Robbie Williams, Ayda Field and Louis Tomlinson - back next year.
Meanwhile, Simon also revealed plans for two more music shows alongside upcoming dance series The Greatest Dancer, which will air on BBC One in the new year.
He teased: “We’ve got the new dance show on the BBC, and two other music shows, which I think will be announced soon and we’re going to do over the next two years as well.”
For now, The X Factor continues with its current fifteenth series this Saturday and Sunday night.
It'll be Big Band week as the eight remaining contestants take to the stage live once more, ahead of another double elimination on the Sunday.
Guests lined up include Cheryl, who will be a judge on new show The Greatest Dancer, as well as Tom Walker.