The long-rumoured title will be published by Haymarket Network under licence from FremantleMedia Enterprises and Syco Entertainment, Music Week reports.
FME UK senior vice president of licensing Dominic Burns said: "There is a gap in the market for a magazine that celebrates the world of pop and provides an in-depth insight into the world of The X Factor."
Haymarket Network promises behind-the-scenes access, celebrity news and gossip and fashion and beauty features. Recruitment for The X Factor Magazine is currently ongoing.
The publisher's managing director Andrew Taplin added that the title would be aimed at the women's weekly market, explaining: "The women's weekly category is very vibrant at the moment and the launch of this magazine will provide it a further significant boost."
The X Factor Magazine will be exclusive to Tesco on launch before getting wider distribution.