The singing competition, devised and spearheaded by Simon Cowell, was a cultural powerhouse in the UK for several years, attracting massive viewership to its live shows and launching the career of numerous artists.
Those numbers gradually waned over the next decade, causing ITV to scrap the main series in 2018, replacing it with spin-offs Celebrity and The Band that failed to provide the necessary reinvigoration.
The tabloid reports that ITV and Talkback Thames are in talks for a revival that would recruit a younger judging panel, with the intention of establishing the show in the minds of a new generation.
A source told The Sun: "ITV have a giant gaping hole that needs filling in its entertainment schedule, particularly over weekends when bigger viewing figures are up for grabs.
They continued: "They can explore a younger, fresher panel, with new faces and have Cowell behind the scenes. The plan is for the show's return to take on a new life and be updated to envelop social media generation."
Meanwhile, BBC Radio 4 documentary Offstage: Inside the X Factor has detailed stressful experiences that even some of the show's more promising participants had.
In January, Sky announced it was collaborating with Cowell on another documentary about The X Factor, which The Sun's source describes as "celebratory" and "likely to remind fans about its success".
Radio Times has reached out to ITV for comment.
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