Cowell apparently reached out to the 'Countdown' singer as he wants to add a big name celebrity to the panel in order to increase the Fox singing competition's ratings, reports Media Takeout.
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"He wants a big name female star on the panel. Mariah [Carey] is good, but she's not that hot today," a source told the website, explaining that Cowell is keen to sign the star to a five-year, $500 million contract.
"He wants Beyoncé because that would immediately give him the bounce needed to beat American Idol."
Beyoncé's reps have not responded to the reports, though a separate insider claimed that she will make a "major career announcement" in the coming months.
The X Factor USA has undergone a major shake-up in the past week, with host Steve Jones and judges Nicole Scherzinger and Paula Abdul all departing the show.
> Perez Hilton sends Simon Cowell his bid for X Factor judge role - Video
