The cooking-based show titled Food Glorious Food aims to find the UK's best new home-cooked meal, reports The Sun.
The winner will receive £20,000, along with their dish being sold at Marks & Spencer stores throughout the UK.
The multi-million pound show is being produced by the same team behind some of Gordon Ramsay's TV productions.
Regional heats will begin next month, with hopeful chefs showing producers their British meals.
Winners of the heats will then face several challenges during the semi-finals and final, and will be judged by a panel of cooking experts.
The X Factor's Dermot O'Leary is reportedly a front runner to host the series.
A show insider said: "We're tapping into the Jubilee spirit with a Best of British theme. It's open to all ages - from a granny with Cornish pasties to a youngster who has the ultimate recipe for jellied eels. We're looking for characters too - with the 'likeability factor'."
Cowell has previously stated that he was developing a new cooking show to rival the BBC's MasterChef and The Great British Bake-Off.
It is currently not clear whether the show will air in 2012 or 2013.
