Overnight reports suggested Louis was being asked back onto the ITV talent show, and the Irish music manager addressed the speculation while appearing on Loose Women today.
When asked if the reports are true, he said: "Well, I don't really know. Simon said the door was open to me months ago. I talked to him last night. There is a possibility I might end up on the show...But I don't know for definite. I'd like to. I'm available."
The Sun reported how Louis was being drafted in as a fifth judge especially for the live shows.
When asked whether he will appear on the live shows, Louis said: "There is a possibility. It's up to Simon and I get on with him really well. I have worked with him for 12 years. We talk all the time. I think there is a chance.
"It's the best show in the world - it's the most talked about TV show - there are three or four acts on the show this year that are incredible."
Louis is definitely keen to return to the show, which he had been a judge on since 2004. He was replaced this year by Nick Grimshaw.
"I love doing X Factor, I love working with Simon," Louis continued. "He is a loose cannon but he makes great TV. He is going to have the best TV show this year. But he has four judges - does he need five?
"I have fun with him, I wind him up, he winds me up. We are a great double act."
Louis, who manages new boy band Hometown, added that he would like to "bring a bit of fun" to the show.
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