Cowell Sets ‘Idol’ Exit; Fox to Get His New ‘X Factor’ THR

This will be Simon Cowell’s last season as a judge on Fox’s "American Idol," reports The Hollywood Reporter.

He won’t disappear from the network, however; Fox has picked up the U.S. version of his British hit “The X Factor” for fall 2011, when “Idol” is on hiatus.

The deal is expected to be announced later this afternoon.

--Elizabeth Jensen