This year's track will be a charity single, raising money for children's charity Together for Short Lives.
"Together for Short Lives is such an inspiring and important charity for so many kids and their families who really need help and support," said Cowell.
"These hospices are really happy and positive places and are a complete lifeline for so many families.
"Having worked with this charity for many years I have been able to see first hand how they have impacted so many lives, and I'm delighted that The X Factor's winner single sales will go directly to helping them."
Barbara Gelb, CEO of Together for Short Lives, said: "We are so delighted to benefit from The X Factor charity single this year. Together for Short Lives is the leading UK charity that speaks for all children with life-threatening and life-limiting conditions and all those who support, love and care for them.
"Our work helps to ensure that children can get the best possible care, when and where they need it. We work with the specialist services that care for these children and families, including children's hospices, and every single bought will make a huge difference.
"These services are a real lifeline and your money will help to support families with the challenges of daily life so children and families make the most of precious time together."
The final two acts in this year's X Factor will perform their respective winner's singles during the live final in Manchester. Whoever wins will have their track made available for download on December 9.
James Arthur, Christopher Maloney, Jahmene Douglas and Union J are the four acts remaining on the ITV1 talent show, heading into this weekend's semi-final.
Syco will donate 100% of the profits to the charity.
Previous X Factor charity singles have included covers of Rose Royce's 'Wishing On A Star', David Bowie's 'Heroes' and Michael Jackson's 'You Are Not Alone'.
Watch the 2010 X Factor charity single: