Simon Cowell on a Possible 'X-Factor' Return and Working With Britney Spears Again (Exclusive)

The 'America's Got Talent' judge/creator also created the 'X-Factor's U.K. and U.S. versions.

Simon Cowell's got a very specific reason for why he'd be on board for another run of The X Factor, and if Britney Spears would rejoin him in that venture, even better.

When ET's Will Marfuggi spoke to Cowell in November at the America's Got Talent: All-Stars finale red carpet event in Los Angeles, the famed TV personality explained why singing competitions like AGT, The X Factor and American Idol are absolutely necessary, even in a digital age where anyone can find stardom on platforms like YouTube.

In short, there's a ton of undiscovered talent out there, and therein lies the purpose of the singing competitions and the driving point behind Cowell returning to The X Factor, which is reportedly in talks about a revival on NBC.

"When I did Idol, it was with the rationale there has to be a number of people who are brilliant who can't get record deals," Cowell explained. "Kelly Clarkson, Carrie Underwood, it was absolutely worthwhile. And it's the same with X Factor. It was Harry Styles, One Direction, Camila [Cabello], Fifth Harmony. I mean, we found so many great people."

"I think with so many people trying to get record deals at the moment, I would argue there's probably more of a need for a show like this again, so for that reason I would do it."

If he had his druthers, Cowell also shared where he'd like to film The X Factor.

"If I had to choose between England and America, I would do it here, 100 percent," he said.

Cowell, of course, created the U.K.'s version of The X Factor in 2004. The U.S. version premiered in 2011. The following year, Spears replaced Nicole Scherzinger as a judge in season 2. She left the show, which was canceled in 2013, after just one season. Still, in that time, she made an impression on Cowell.

"We worked together on X-Factor and I would work with her again, honest, in a heartbeat because she's smart," Cowell said during his ET interview in November. "I like her a lot."

Cowell, currently a judge on America's Got Talent: All Stars, couldn't help but continue singing Spears' praises.

"Britney, with her choreography, choice of songs, her styling, she is super, super smart," he gushed. "And if you're known by your first name, you're a star. You know, the more we talk about it, it's kind of like, yeah, we should do it ... totally encouraged."

The America's Got Talent: All Stars season finale airs Monday at 8 p.m. ET on NBC.

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