Both hit singers died earlier this year and music mogul Simon is said to be planning a themed week to honour their memories.
According to The Sun, returning judge Louis Walsh has been the spearhead behind the campaign to pay tribute to Bowie and Prince.
But a source told the newspaper this evening: "Fans shouldn't get too excited, nothing is set in stone just yet."
The new series of The X Factor kicks off in three weeks time and will see a reprised judging panel, featuring Simon, Louis, Sharon Osbourne and Nicole Scherzinger. Former host Dermot O'Leary is also returning in a bid to boost ratings.
Last month, Dermot appeared on This Morning and assured fans they are in for a treat.
He said:" The overriding feeling this year is that it has been very warm and very fun.
"Most people have said, 'Let's try and get back to our basics,' which means this show is a celebration of Great British eccentrics and then when we get to the end in the studio, we have eight great voices and three or four characters and the public decide. It's that simple."
Interestingly, Dermot also hinted that Simon has softened since becoming a dad to son Eric!
He added: "Sharon being back adds a little bit of oomph to Louis and he stands up to Simon a little bit more. Nicole is brilliant because she is so beautiful and intelligent, and really funny.
"It doesn't feel cruel [this year]. I think Simon being a dad might have something to do with that, he reacts to a no in a completely different way than I've ever seen."
We can't wait!
Take a first look at the new series here: