Simon Cowell to sign 5-year deal with ITV?

Simon Cowell is set to sign a five-year deal with ITV to keep \'Britain\'s Got Talent\' and \'The X Factor\' on TV screens.

The 60-year-old music mogul - who created the ITV competitions - is expected to put pen to paper on a new contract with the broadcaster this week to renew \'Britain\'s Got Talent\' for five series, and \'The X Factor\' for one.

An insider told The Sun newspaper\'s Bizarre column: "Simon has been in talks with ITV for some time and bosses there are keen to cement a new deal.

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"There has been interest from streaming sites and other stations but terrestrial television has always been the most natural fit."

The news comes as Simon\'s new series \'The X Factor: The Band\' prepares to kick off tonight (09.12.19), following \'The X Factor: Celebrity\', which replaced this year\'s regular singing competition.

The source added: "A one-year deal with an option of further series seemed a sensible conclusion."

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It has not yet been decided which edition of the show will air next year, but it is thought the original series will return with some adjustments.

Another source recently said: "It\'s simply not true to say the show\'s future is hanging in the balance.

"It is definitely going to be returning, however, ratings have dropped, so bosses want to make sure it\'s given a bit of a revamp."

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ITV added: "ITV enjoys a very close working relationship with Syco and Thames and are currently negotiating a new deal for 2020 and beyond. This will be announced in due course."

\'X Factor: The Band\' will see Simon and his fellow \'X Factor: Celebrity\' judge Nicole Scherzinger return on the panel.