The music mogul is prepared to let the former Oasis star ask for a salary anywhere around the $3.2 million (£2 million) mark if he joins the judging panel of the hit singing contest.
A source tells Britain's The Sun, "Simon is determined to get Noel on board. He sees him as his natural replacement as the real alpha male on the panel. He thinks Noel would be ideal, with his music knowledge, straight-talking and rapier wit. Noel's daughter Anais is a huge fan of One Direction and X Factor, so she'll be nagging him to say yes."
Cowell previously begged Gallagher to sign up for The X Factor back in 2011 but he was turned down as the star was preparing to launch his solo project, Noel Gallagher's High Flying Birds.
Take That singer Gary Barlow and former Pussycat Doll Nicole Scherzinger are expected to resume judging the show, while Sharon Osbourne is also in talks to return to the panel after quitting in 2007.