The star left the British show to launch the series in the US, but TV bosses confirmed last week the American show has been axed after three seasons.
Cowell, who has returned to the panel of the British show, explained why his US experiment failed, telling Digitalspy.co.uk: "They (network chiefs) would have taken the American show, but they wouldn't take it without me, so we sort of booted them off, I suppose. But it's not like that. I don't know why any show wants to compete in America right now. It's too flooded, the market. There's going to be ... something like 14 talent shows on American TV (this year). It's becoming like a joke."
Cowell is keen to lure British pop star Cheryl Cole back for the next series of the UK singing competition, after previously transferring her to the US show and firing her before the series went to air.
"I would love Cheryl to come back," he says.
"To be fair to Cheryl, it's never been about the money with her. It's all about whether she wants to do it, whether she can deal with the pressure."
