SIMON COWELL WILL BE LEAVING AMERICAN IDOL TO BE THE EXECUTIVE PRODUCER OF THE U.S. VERSION OF THE X-FACTOR!

Cowell out!
Simon Cowell said Monday he will leave "American Idol" when the current season ends.

Cowell's departure comes as the network has picked up a version of his popular British talent series "The X-Factor," which will launch in 2011.

"We did talk about me staying on both shows, but then when we looked at the practicailities of that, it was just impossible," Cowell said at the Television Critics Association gathering in Pasadena, where he signed the new deal.

It won't mean, however, the end of "Idol." Fox is expected to renew the show for three more seasons.

"I think its like having a good player in a good football team, they have to work together ...but when the football player retires its still a good team," Cowell said of "Idol's" future. "I genuinely believe that this show can last 10 to 20 years. I'm confident it will continue to be the number one show. Everyone is committed to keeping it that way."

His exit from "Idol" has been the subject of much speculation in recent months, generated in part by comments Cowell has made along the way.

"The X-Factor" will air when "American Idol" is not on the air, according to Fox.

The series, like "Idol," is a contest to find new singers. However, unlike "Idol," the judges actually get involved in the development of the singers.

Cowell is a judge and owner of "The X-Factor."

"I wouldn't have put 'X-Factor' on if I didn't think it could exist separately," Cowell said.

Last week, fellow "Idol" judge Randy Jackson admitted the Cowell talk - along with the departure of Paula Abdul from "Idol" had become a distraction for the show.

Jackson said he misses Abdul and "it's going to take some getting used to."

Abdul is being replaced by Ellen DeGeneres.

Jackson said "Idol" was the best of the genre and still had a lot of life in it.

"I think it can go on for quiet some time," he said.

"I don't know what that end is. It's really hard to predict, but I really think the show can go on for a long time."

"I want to leave Idol this year bigger and better than ever before," Cowell said Monday. "I hope it'll be higher \[rated' than it last year."

Fox officials said they don't want to start speculating on who will replace Cowell.

"We want to give ourselves time, allow people to come forward," said Fox network head Peter Rice. "We were frankly surprised at the enthusiasm in replacing Paula. I think that we have to take our time on that, make sure the chemistry of the judges is as good as it can be, we didn't want to rush that, that's why we made the announcement today."