The 22-year-old beautician and former TOWIE star claimed that she was asked by producers to stand in for Electra if the American model could not make any of the audition stages.
However, Childs appeared to be confused as to which Simon Cowell-helmed reality show she was asked to potentially appear in, despite Electra having recently made a well-publicised guest stint during the last series of Britain's Got Talent.
"They asked me to be the understudy for Carmen Electra on the main show of X Factor. If she didn't turn up I would have been on there, which is amazing," said Childs at an event to launch her new swimwear range.
"I'd be so honest. That's just me, do you know what I mean?
"I could be the next Simon," she added. "Who wouldn't want to be an X Factor judge? I'd rather do Britain's Got Talent, though, because I like singing."
Childs is said to be worth an estimated £1.5m and has taken on a variety of modelling, beauty and fashion projects since leaving The Only Way Is Essex after its second series.
She recently admitted that she is planning a second boob job, after initially having implant surgery at the age of 18.