The X Factor will return after five years off screen - but it will be broadcasted on Channel 5.
The talent show - which created the careers of some of the world's biggest names including Leona Lewis, One Direction and Olly Murs - is now expected to return to screens, but it won't be on ITV anymore.
Music mogul Simon Cowell has reportedly inked a big money deal to have the show back on TV, but whilst there was a lot of "interest from a number of networks", the show's executives have settled with Channel 5 for an upcoming series.
"As soon as X-Factor was up for grabs, there was interest from a number of the networks. X-Factor is one of the most iconic shows in TV history, so it’s no surprise lots of channels were keen," a source told the Daily Star.
"The production company had their pick. After a lot of meetings, execs decided to go with Channel 5."
The last series saw Dalton Harris take the crown, beating Scarlett Lee and Antony Russell to the top prize, but soon after this, the show was axed and it has remained off screens for five years.
"This is the start of a new chapter for X Factor. Moving to a new channel gives the creative team a chance to completely revamp the format and do something different," an insider added of the new show.
Production is set to take place later this year, with it believed the show will air in late 2023.
Simon's friend and confidante Sinitta recently confirmed he had been in touch about the reboot.
"I'm so excited about it and I have spoke to Simon and I think it would be great for it to come back. I need to hear more," she said to the MailOnline as she discussed the prospect of the show's return, "He was kind of like, 'We'll talk next week,' so I don't know if he was just being evasive or if he was genuinely busy but I was like, 'Let's talk, what's going on?'"
She also suggested a huge change to the show - which would see it brought online so it could become more international and the world could get involved with the talent show, as acts and viewers, and encourage the show to take advantage of the internet.