The show enjoyed three seasons before being removed from Fox network's schedule.
This news comes on the heels of Simon's Friday announcement he will return to The X Factor UK as a judge, and Fox supports his exit.
'Unfortunately, there is no X Factor USA without Simon Cowell, but we understand and support his decision to focus on the international formats and on the next phase of his personal life,' Kevin Reilly, Chairman of Entertainment, Fox Broadcasting Company, told Entertainment Weekly in a statement.
'We wish him the very best, and it's our sincere hope that we work together again soon.'
Simon has partnered with the network for over a decade, beginning their professional relationship in 2002 when he appeared as a judge on the first season of American Idol.
He appreciates what they have created over the years and the star expects they may work together again in the future.
'I've had a fantastic time over the last 12 years, both on The X Factor and American Idol,' Simon said.
'Last year, for a number of reasons, I had to make a decision to return to the UK version of The X Factor in 2014. So for now, I'm back to the UK and I want to thank FOX for being an incredible partner and I also want to thank everybody who has supported my shows. America, I'll see you soon!'
Both the X Factor US and the British version of the show have been suffering significant ratings decreases of late.
The American TV talent show ran from 2011 to 2013 and notable panellists over the years include Demi Lovato, Paula Abdul, Britney Spears, Kelly Rowland and Nicole Scherzinger among others.
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