Although exact details are to be confirmed, Simon has announced plans to air both a Celebrity and All Star version of X Factor this year.
It follows news that auditions from the public for what would've been the sixteenth series have been suspended.
Simon has suggested that The X Factor will air two separate shows back to back this autumn, one seeing celebrities compete and the other featuring a line up of past contestants.
“I want to clear up any myths — because I’ve got some exciting news," Simon told The Sun newspaper. “I’ve had a meeting with ITV, I’ve told them what I think we’d like to do with X Factor because we’ve been waiting to have this opportunity."
Simon described the upcoming series as a "huge change", continuing: "We haven’t exactly confirmed the dates or the order of the shows, but essentially there are going to be two versions of X Factor running this year.
“I think it’s going to be huge, it’s the best I’ve felt about this show in years.”
Simon added: "I’m waiting for confirmation this week on some dates and clarification on the second show, but all we’re trying to do is upgrade and glamorise the show."
The X Factor first aired a Celebrity series in the summer of 2006, following the first two regular series.
EastEnders actress Lucy Benjamin was voted the winner, beating the likes of Chris Moyles, Paul Daniels and Debbie McGee and, er, Gillian McKeith.
The X Factor: Battle Of The Stars aired over eight consecutive nights to decent ratings, attracting 6million viewers but did not have a second series.
Simon previously spoke about doing the Celebrity series again last year, teasing: "I'm hoping we're going to do this soon. I'd like to mentor David Walliams!"
Meanwhile, it's understood that the Celebrity and All Star series will be used to give the main show a break, returning in 2020 with a new look.
Simon teased: “Then next year the main X Factor show will change again and we’ve got something very, very exciting, that I can’t get into yet, but it’s a four-year plan.”