Whoever wins X Factor lands a lucrative contract with Syco, but in previous years, other finalists who didn't win such as Cher Lloyd, One Direction and Ella Henderson have also won deals.
That's why rapper Honey G is still hoping to become a Syco artist despite being eliminated from X Factor on Sunday night.
However, speaking on Xtra Factor, Simon said: "We don't make any decisions until after the show. Right now we have to sort out the winner."
When pressed as to whether Honey G may get a deal, Simon said: "I don't know."
Honey G, 35, has made no secret of the fact she's eager to sign with Syco and release a debut rap album via the label.
Appearing on ITV's This Morning on Monday, Honey G said: "I'm not going to beat around the bush. The reason I entered X Factor is because I'm looking for a record deal. I'd love to be signed with Syco, Simon Cowell's record label. I get on with the team so well, we're all friends now.
"I have so many ideas. The first track I performed in the first week of X Factor and the track in the sing off last night went to number one in the Spotify UK Viral Chart. There's potential there. I would love to work with the team and it would be so amazing to sign with them."
Honey G was eliminated after falling into the bottom two alongside boyband 5 After Midnight.
All the judges bar Honey's mentor Sharon Osbourne chose to save the band.
X Factor continues Saturday at 8pm on ITV with Christmas Week.