The X Factor star, who has reportedly used botox and recently denied a facelift, has now turned to the £330 ($533) skin replenishing treatment, according to The Mirror.
"Simon is forever trawling the health and beauty market, looking for all the latest fads," an insider claimed.
"He's tried vitamin injections, drips, detoxes, smoothies, Botox and massages, but after reading rave reviews about placenta facials, decided he had to give them a go.
"He reckons they take years off his complexion, and give him back the shine and joie de vivre [that] long hours and smoking take away."
Last week, Cowell was reported to have undertaken house cleansing in order to remove negativity from his home.