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The Irish judge has paid £20,000 have his old job back, after bidding for it at a charity auction.
However, his return will be brief, as the prize was only to be a judge for the day during rehearsals, making it unlikely that he will even feature on screen.
Louis Walsh at the Music Industry Trusts Awards
Louis made the shock bid at the Music Industry Trusts Awards at London's Grosvenor House Hotel on Monday (2 November) night, where his former boss Simon Cowell was awarded the the 24th prestigious MITS Award in recognition of his contribution to music, entertainment and charitable causes.
Louis was axed from the show after 11 series earlier this year, and was controversially replaced by Radio 1 DJ Nick Grimshaw.
Speaking to PA at the event, Louis said he was enjoying his time away from the show, but had some advice for Simon, following the show’s falling ratings.
"It's my first time sitting at home in 11 years, it's great - in my pyjamas, watching ‘X Factor’,” he said.
"[Simon’s] made too many changes. Listen to the public. He has to listen to the public - he will for next year."
Simon Cowell accepted his award from One Direction
It was previously rumoured that Louis could return as a fifth judge during the live shows, but it is yet to be confirmed.
When asked about it, he said: "Oh I don't know, I'm keeping an eye on it.
He added: “I love Louisa [Johnson] and I love Che [Chesterman]. They're the two people I love."
‘The X Factor’ continues on Saturday at 8pm on ITV.