The men told GQ that an international format of the reality talent contest could be available to view on pay-per-view internet TV.
Sir Philip said: "The plan is to take it to Vegas, I'm not going to tell you with who, but the CEO of the venue is coming to see us next week.
"We'll have a permanent place, likely to be Caesar's Palace. The home of X Factor - live from Las Vegas! We'll have a store. And it'll all be online. You have 20, 30, 40 million people tuning in twice a week.
"You bring two or three hundred million viewers to a venue - off we go! It's taking it up a peg. The rest of the world is Part Two."
Cowell added: "I like the model of what Bernie Ecclestone has done [with Formula 1]. The Singapore race is as good as the French race is as good as the English race."