Sources are suggesting that Simon Cowell is about to step down as head honcho on ITV’s X Factor and is considering handing the show over to Cheryl Cole.

Simon is due to renew his contract with ITV later this year but has yet to begin negotitations. This has fuelled rumours that Simon is intending to leave X Factor to concentrate on bigger and possibly American TV shows.

It is no secret that Simon favours Cheryl over the other judges on X Factor’s panel, after all she’s the one he’s currently trying to pimp in America. The Mirror even reports him as saying:

“My hope is that she can carry the show in the future.”

A source told The Mirror: “With his 50th birthday around the corner it would be the perfect time to hand over.

“Cheryl has proved she has what it takes. Simon doesn’t need to host the show. X Factor made him a global star with a substantial bank balance.

“Now it is time for him to sit back a bit and enjoy the fruits of his labour.”