American Idol's Simon Cowell to Depart Show

"We reached an agreement formally at about half past 10 this morning," said Cowell, who inked his new deal in front of reporters at the Television Critics Association's press tour on Monday, Daily Variety reported.

"Where we have come to and agreed is that The X Factor will launch in America in 2011, with me judging the show and executive producing the show. Because of that this will be my last season on American Idol, this year."

Cowell also told reporters that there were conversations about him remaining with American Idol while also working on The X Factor.

"But when we looked at the practicalities of that, it was impossible," said Cowell, Entertainment Weekly reported.

"In my opinion, it's like having a good player and a good football team. The two have to be OK together. I believe it's not my show, but it's still very close to me. We made sure when we did this, that I would be protected. I'm confident it will continue to be the No. 1 show. Everyone is committed to keeping it that way."

Fox reality chief Mike Darnell said since Cowell already serves as a judge on both Britain's Got Talent and The X Factor in the U.K., doing both a stateside version of The X Factor and American Idol to the mix would have spread him too thin.

"He couldn't possibly have done four shows," Darnell told reporters, according to Variety. "Those shows are huge smashes there, and he's also loyal to ITV. He decided this was best."

Cowell described The X Factor as a "big production."

Comment on "American Idol's Simon Cowell to Depart Show"

• Blake Lively Hot Body Pictures Never Cease to Amazing Me
• Hot as Elle
• Violante Placido Is A Hot Italian in The American (VIDEO)
• Bar Refaeli, Rachel Bilson, Mila Kunis, and Ashley Tisdale Head Up List of Rosh Hashana Hotties
• Heidi Montag Bikini Pictures Flash Her Big G'uns