Fans of the ITV talent show already know that Simon will judge on the eleventh series alongside Cheryl Cole and Louis Walsh, but the mystery fourth judge has yet to be confirmed.
They have been chosen, though!
X Factor boss Simon told the Daily Mirror: "We've settled on someone and we're going to make an announcement this week."
Ooh… any hints?
Sadly not. All Simon would say is it will be a girl, which we'd kind of guessed as the general format is two girls and two guys. (Apart from last year's X Factor USA which saw Simon sitting with Demi Lovato, Paulina Rubio and Kelly Rowland.)
This year, the hot favourites for the judging seat are Mel B, who has previous talent show judging experience, and Alesha Dixon, who is currently on the Britain's Got Talent panel.
Simon declined to name his choice yesterday, only saying: "I can't say who [we have chosen] as the contract isn't signed yet. It's not just finding a name, it's finding someone who will do the job."
He added: "They have to give up a lot of their time. That's why it's a long decision."
For Simon, this year will mark his return to the show following his departure to launch the US version (which ended last year). It's also marking Cheryl's return since she quit the UK show to join the US one, only to be sacked a few days into the job.
She's now forgiven Simon and patched things up but we're predicting there will still be plenty of fireworks between these two!
Meanwhile, it will be the eleventh year in a row on X Factor for Louis, who confirmed his return this week. Well, it wouldn't be the same without him, would it?!
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Cheryl Cole's X Factor highlights in pictures:
Copyright: REX/Ken McKay