Simon Cowell.
The British music mogul admitted he is dating Carmen Electra. Reuters

After almost seven years after starting the search for new singing talent, Simon Cowell has revealed that 2012 could see the end of The X Factor.

The 52-year-old media mogul confirmed that he is considering axing the ITV talent show after this year's series and has already get another show in the pipeline to replace it.

Cowell told the Daily Star: "In a year's time we might say, 'Right, that's the end of The X Factor. Let's start something new.'"

The talent show franchise was hit with a string of scandals in 2011 with falling ratings, a series of fix claims and the axing of Frankie Cocozza following allegations of drug use.

Speaking at the launch of the new series of Britain's Got Talent, Cowell said: "I'd rather fall off the cliff on numbers than deteriorate slowly.

"We have something in development which could replace The X Factor. Most things in music, fashion or TV tend to be across a 10-year period.

"The great test of success is if you can transcend a decade. I believe we can do it again if we're prepared to be brave."

Cowell recently hinted at a possible return to the UK judging panel.