The discussions at Sony's London headquarters will decide the fate of all four UK judges - Gary Barlow, Tulisa Contostavlos, Louis Walsh and Nicole Scherzinger - for next season.
Barlow and Contostavlos are said to be facing the drop, though Barlow may decide to quit before being axed in order to focus on Take That, claims The Sun.
Cheryl Cole has also been touted for a possible comeback on the panel, with Cowell saying that he wants to "mix up" the show.
A revamp of the show is expected this year, with arena auditions being axed in favour of intimate auditions with the judges as with the first series.
However, stars may then be "tested" in front of a live audience before the Judges' Houses stage to see if they can perform for a crowd.
> X Factor: Five changes the show needs to make in 2013
The meeting in question will involve executives from X Factor shows from the UK and US.
"There are a series of meetings taking place," Cowell is quoted as saying. "All the Brits are coming in, all the Americans, and we're gonna make some decisions then. We're going to mix it up."
He added: "You've just got to try to make a better show than you did the year before. And if you do that, there's a good chance you can get the numbers up."
Cowell has ruled out the chance of him returning to the judges' table on the X Factor in the UK, as he wants to stay on the US version.
Former Pussycats Dolls member Scherzinger has said that she has not been asked to return to the X Factor yet.
Contostavlos recently dismissed claims that she had quit The X Factor upon hearing that Scherzinger had already been asked to return.
Sharon Osbourne was also recently rumoured to be making a return to the X Factor judging panel.
'The X Factor' 2012 final after-party - photo gallery: