The DJ has been widely tipped as a contender to replace Louis Walsh on the ITV talent show this year, following speculation show stalwart Louis will not be returning.
Speaking to Daily Star Sunday, Nick said: "I wouldn't risk my job at Radio 1 but I think I could do both. I don't see why I couldn't do it. I don't think it would contradict my show on Radio 1. I think they would complement each other."
Nick, 30, said he'd definitely be up for doing the X Factor role if it was offered and it could be worked around his current job as Radio 1 Breakfast Show host.
As always, the rumour mill about the X Factor judging panel has swirling and, as always, bosses of the show are refusing to confirm or decline any of the speculation.
It's widely believed Louis Walsh will not be returning for the 12th series, despite being one of the original judges. However, both Louis and Simon Cowell have said recently no decision has been made.
Also rumoured to be in the firing line is Mel B, who only joined the show last series. In contrast, both Simon and Cheryl Fernandez-Versini are believed to be safe and will return next year – although stirring things up, Louis suggested Cheryl will not sign again if Nicole Scherzinger returns as a judge.
Louis has been fuelling a war of words with Chezza ever since he branded her lazy in an interview. Over the weekend, he added a further jibe by saying he didn't care what she thought and alleging she wouldn't want to be on a judging panel alongside Nicole because Nicole is too good.
Anyone else's head spinning from all the speculation?!
X Factor's most shocking moments: