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Rex Features
The music mogul claimed that he is more concerned about the quality of his TV programmes than his bank balance.
Cowell's current £20 million deal with the broadcaster, which secures him for The X Factor and Britain's Got Talent, expires in December after three years.
"It isn't about how much I can squeeze out of them," Cowell told The Mirror. "All I worry about is: 'Can we make a better show than last year?'"
He added: "I have a brilliant relationship with ITV and they have been very kind to me. I will never forget the fact that without ITV we would not have launched our shows initially. So as far as I am concerned, I still owe them a debt."
ITV announced a string of job cuts last month amid continuing concerns over the current financial climate.
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