It is believed that the X Factor USA judge is keen to keep the ITV1 show high in the ratings, and he is said to be interested in adding former EastEnders actress Barbara Windsor to next year's panel.
"Simon wants to make it the biggest, most successful series yet," an alleged production insider told The Mirror. "His presence will be a guaranteed ratings winner as he is so popular with viewers."
The source also claimed that Cowell, who was only present for the live shows this year as he focused on launching The X Factor in the US, will "not take chances" with Britain's Got Talent.
David Hasselhoff, who joined the show from America's Got Talent last year, confirmed on Tuesday (November 29) that he will not be returning to Britain's Got Talent.
Michael McIntyre, who also joined the panel this year, has also confirmed that he will not return as a judge in 2012 as he wishes to spend more time on his stand-up career.
Amanda Holden - now the show's sole original panelist - will continue to judge the show next year.
Comedian David Walliams, ex-EastEnders star Samantha Womack and former X Factor judge Dannii Minogue - who now sits on the Australia's Got Talent panel - have all been linked with the ITV1 variety contest.
A spokesperson for Britain's Got Talent said: "There's been a lot of speculation. We will announce the lineup soon."