The TV judge will star in Walk The Line, which will offer musical variety acts a chance to win a prize pot, but to win the money they must decide if they want to cash out or risk it all to stay in the competition.
Cowell has been absent from screens in the UK since he broke his back after falling off an electric bike he was testing at his house in Malibu in August last year.
Diversity star Ashley Banjo filled in for Cowell during Britain’s Got Talent, although Cowell did return to the panel of America’s Got Talent earlier this year.
It was previously announced Britain’s Got Talent will not take place in 2021 due to the pandemic.
The new six-part series, which will debut on ITV and the ITV Hub later this year, will see soloists, duos, bands, or choirs take to the stage to perform in front of the panel, before the top two performers of the evening face the decision to either “cash out” and take a cash prize, or “walk the line” and play on.
If they decide to play on and top the leaderboard, they will progress to the next show, facing a different cast of performers.
The longer the performers can stay in the contest, the bigger the prize pot and each night the reigning champion will be offered an even higher cash out prize.
Cowell said: “I am thrilled to be working with Lifted Entertainment and ITV on this new project.
We wanted to develop a show which will give the contestants a life-changing cash prize if they win.
“Each show there will be a champion who must make a vital decision: either cash out then and there or stay in the contest to compete again the following night and have a chance to claim the huge prize.
“It’s the kind of decision that will have viewers on the edge of their seats – real event TV. I’m very excited at giving musical talent the opportunity to transform their lives like never before.”