Simon Cowell has finally done the decent thing and admitted that he is leaving American Idol.

Simon’s brother suggested that this was the case before Christmas and though Cowell failed to deny it, neither did he confirm the news until today.

At the Television Critics Association’s winter press tour in Pasadena, Cowell told reporters:

“The X Factor will launch in 2011. Because of that, this will be my last season on American Idol this year.”

Cowell will act as the executive producer and judge of the American version, according to a press release from FOX.

“I’m thrilled that we have put a date on the launch of the U.S. version of The X Factor, and delighted to be continuing to work with FOX,” Cowell said in a statement. “We have a fantastic relationship, a great team and are all very excited about this.”