The claim was made by ex-Emap editorial director David Hepworth on his And Another Thing blog.
Hepworth said: "The producers of X Factor are inviting bids from publishers who would like to publish the official magazine. I understand the fee for the licence is £2 million. Amazingly, there are still two companies in the running."
The ex-Smash Hits editor and man behind the launches of More, Empire, Mojo and Just Seventeen admitted to concerns about the venture and the "wildly unrealistic ideas" about the level of advertising in the market.
"I've always been sceptical about official magazines," he said. "Usually by the time they've got round to doling out the official licence then the unofficial publishers have made hay.
"The other problem with official merchandise is the very fact that it's official, which means that it primarily has to please the people who granted the licence, who know nothing whatsoever about publishing and tend to be over-sensitive.
"This is further complicated in this case by the rumour that the producers are looking for a magazine which is weekly during the run of the programme and then monthly thereafter. This would be different. I predict lots of fun and games."