A host of stars have been rumoured to replace the music mogul following confirmation that he is to step down later this year.
While Cowell focuses on launching a US version of The X Factor in 2011, producer Rodney Jerkins and radio DJ Howard Stern have so far been named as potential successors to the 50-year-old.
However, show insiders have now told the New York Daily News that Madonna's longterm representative Oseary is in talks for the role, alongside Jamie Foxx and Mariah Carey's former husband Tommy Mottola.
A source revealed: "Guy has been in the music business since Madonna discovered him when he was 17, and he has a lot of the same experience as Simon.
"His competition just can't live up to his level of experience and the people behind the show are slowly starting to realise it. He was thrilled to hear Fox is considering him. He thinks it would be great for his image. And it's great exposure to boot."
They added: "People really only know him (Mottola) as Mariah Carey's big bad ex. And producers are worried he'll even be harsher on contestants than Simon was."