The former judge was reportedly offered £500,000 for a stint in the jungle, however after meeting with bosses, he’s now turned the offer down.
A source tells The Mirror: “Louis looked like he was in the wilderness. But now he is one of the most in-demand men in TV.
“ITV approached him months ago to do ‘I’m a Celebrity’. He turned them down but in recent weeks they have come in again for him with a huge money offer.
“He met them to discuss it but now Simon is offering a place back on ‘X Factor’ it seems unlikely he will be heading to Australia.
“He can earn a six-figure sum making a comeback on ‘X Factor’ which doesn’t involve eating bugs or doing any horrible tasks or trials.”
Louis did little to dispel ‘X Factor’ return rumours last week, when he told the ‘Loose Women’ panel: “Simon said the door was open to me months ago.”
"There is a possibility I might end up on the show,” he added. “But I don’t know for definite. I’d like to. I’m available.”
It is not clear how Louis’ return would work, and some reports have suggested that he could act as fifth, separate judge, while other outlets claim he could replace Nick Grimshaw.