Simon's company Syco Entertainment have unveiled details of a new singing competition called La Banda, which will search the US and Latin America to put together the ultimate Latino boyband.
Contestants will compete for a place in the band, and those successful will win a coveted recording contract with Sony Music Latin and Syco Music.
"I'm delighted to be partnering with Univision on this new format," said X Factor boss Simon. "They are fantastically ambitious and most importantly for La Banda they are totally focused on discovering and creating the next music superstars.
"There is a huge opportunity for this band and we are going to be giving the power via this show to the millions of teenage fans," he added.
No doubt Simon is hoping to match the success of One Direction, who he put together during The X Factor in 2010. Despite not winning the show, 1D has gone on to achieve global success and last year were crowned the best selling artists in the world.
Alberto Ciurana of Univision Communications added: "La Banda will tap into Hispanic America's passion for music unlike any other programme on television and will bring millions of fans the next international musical sensation."
La Banda, which translates to The Band, is scheduled to air on the Univision Network in the US in 2015.
Last month, Simon announced the launch of a new US talent show called Ultimate DJ, which marked his move into the booming electronic music culture.
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