The Syco boss allegedly believes that he could boost flagging ratings by placing the 2013 edition in an earlier, family friendly timeslot of 7pm, which would see it clash with its BBC rival.
According to the Daily Mail, Cowell will meet with ITV executives to discuss the future of The X Factor - which is contracted for only one more year under its current deal - in January.
Cowell is also said to have offered a "huge pay rise" to judge Nicole Scherzinger, who mentored winner James Arthur and runner-up Jahmene Douglas, in order to secure her for next year's X Factor.
"Nicole has had a phenomenally successful year. She has established herself as part of the X Factor family," a source said.
"Simon is prepared to pull out all the stops to make sure she comes back, including offering her a huge pay rise. She has been a revelation, by far and away the most popular judge."
However, the fates of panellists Tulisa Contostavlos and Gary Barlow are said to be "uncertain", as Cowell contemplates a 'back to basics' revamp for the next series.
The X Factor and Strictly Come Dancing have largely avoided each other since an apparent scheduling truce in early 2011.
The subsequent two editions of The X Factor have seen viewing figures plunge dramatically, while Strictly - the earlier show - recorded a historic ratings victory last year and this series overtook The X Factor as the more popular show.