The band are believed to have parted ways with Sony imprint Syco after releasing their debut single 'What A Night' earlier this year.
The Sun claims that the trio hadn't had the impact that the label had desired.
Cowell signed the Loveable Rogues to his Syco label after they finished fourth on Britain's Got Talent back in 2012.
Watch Loveable Rogues talking about their unreleased second single with Digital Spy below:
Watch the music video for Loveable Rogues' 'What A Night' below: