Cowell, who is valued at £123 million (approx. $204.6 million), has teamed up with Sir Phillip Green, the sixth richest person in the U.K. with a £3.8 billion (approx. $6.3 billion) bankroll, to form a new company that will have offices in London and Los Angeles, according to the British version of GQ magazine.

The first order of business for the as-yet-unnamed-company is exporting Cowell’s talent search competition “The X Factor” to the U.S.

The duo told GQ that they are currently in negotiations with a major hotel-casino in Las Vegas, where they’ll house an American version of the show that will be streamed live as a pay-per-view event.

“It’ll all be online,” Green explained. “You have 20, 30, 40 million people tuning in twice a week. You bring two or three hundred million viewers to a venue. It’s turning it up a peg.

“Vegas is tailor-made for this show. You get to the final 12, your dreams come true – you’re going to sing in Vegas.”

Cowell said after the Vegas “X Factor” is up and running, he and Green have plans to franchise the competition – which has already expanded to 19 countries – worldwide, much like Bernie Ecclestone’s Formula One Grand Prix events.

“I like the model of what Bernie Ecclestone has done,” Cowell explained to GQ. “The Singapore race is as good as the French race is as good as the English race.”

GQ also reports Cowell’s partnership with Green will allow him to embark on a massive amount of ventures including re-securing the rights to shows he’s created, developing new shows and expanding into merchandising that’s likely to include “everything from theme park attractions to video games to Christmas wrapping paper.”

Somewhat ironically, the inspiration for this ambitious new global venture came from an unlikely source – singer Susan Boyle.

Cowell told GQ he got the idea when Boyle’s first “Britain’s Got Talent” performance set fire to the Internet, making the frumpy Scot an international celebrity overnight.

And in related, but pretty bizarre news, comedian Will Ferrell has put in a bid to play Cowell should his life story ever make it to the big screen.

Ferrell told U.K. paper the Sun, “I would love to play Simon Cowell in a movie. Heck, I would love it. It would be a dream role. It wouldn’t be hard for me to play him because I see a lot of Ron Burgundy in Simon Cowell.”

Does that mean Christina Applegate will land the role of ex-“Idol” judge Paula Abdul? And how about Kenan Thompson stepping into Randy “Dawg” Jackson’s shoes?

Ferrell is even ready to hang with Cowell to prepare for the part.

“Come on Simon,” he said. “You know it would be fun. I could spend some time shadowing you. We could spend time in your mansion in high trousers and black round-neck tees just being rude to people. It would be great.”

It couldn’t be any worse than “Land of the Lost,” that’s for sure.