Simon Cowell has said he will launch two new series of The X Factor this year, as well as an additional version of Britain’s Got Talent.

The TV and music mogul said his “exciting” plans for the ITV programmes are still in the works and that he needs to settle on dates, but that he intends to introduce a celebrity version of The X Factor along with an all-star edition with former contestants.

Cowell also endeavours to create a second series of Britain’s Got Talent with past winners of the show competing against each other, along with the main series, which is currently in production.

His announcement comes after The X Factor dwindled in the ratings for the latest series, with overnight audience figures plummeting to some of their lowest in its 15-year history while rival show Strictly Come Dancing on BBC One continued to flourish.

Cowell told The Sun newspaper: “I’ve had a meeting with ITV, I’ve told them what I think we’d like to do with X Factor because we’ve been waiting to have this opportunity.

“The time feels right, and it will be a huge change.

“We haven’t exactly confirmed the dates or the order of the shows, but essentially there are going to be two versions of X Factor running this year.”

He said he thinks it will be “huge” and that it is “the best I’ve felt about this show in years”.

According to the newspaper, Cowell intends to run two versions of The X Factor back-to-back later this year, the celebrity show followed by the all-star format.

He said he is “waiting for confirmation” on dates and details on the second show, but that they are trying to “upgrade and glamorise” it.

Cowell said he has been offered a five-year deal on both formats, but that he has not yet agreed to them, and that The X Factor will be different again next year.

X Factor
A major overhaul is coming for The X Factor this year (Ian West/PA)

“I would never want to sit and watch a show like The X Factor slowly fade away and fail but there is only one risk and that’s doing nothing,” he said.

“That is what I call a risk.”

He suggested that Robbie Williams, who joined the show as a judge last year, is in his sights for the overhauled show.

However, he said that nothing has yet been agreed.

The TV judge and show creator has also proposed a companion show for Britain’s Got Talent, following the success of America’s Got Talent: The Champions, which is currently airing in the US.

Past winners of the talent show include dance troupe Diversity, pianist Tokio Myers and stand-up comedian Lost Voice Guy.