She joined the singing reality series in 2011 and nearly pulled out last year.
Scherzinger is said to be Cowell's idea of the "perfect judge" and he is prepared to pay big money to convince her to stay on for another series, reoprts femalefirst.co.uk.
"Simon absolutely loves Nicole. She is his perfect judge. He is getting in quick because he doesn't want to lose her to other commitments she has," Sunday People newspaper quoted a source as saying.
"Money is no object to Simon on this one. He knows that he almost didn't get her last year because of various different reasons but he won't be making that mistake again," added the source.
The source also said that Cowell "will break the bank to keep her for a third series. He knows that if he can then he has a very good 'X Factor' series later this year. There is no Sharon Osbourne to pay this time around, so there is the budget to give to Nicole."
It is believed that the former Pussycat Doll also wishes to return to the show, but her hectic schedule might be a problem.
"Nicole loves Simon and 'The X Factor'. To her, they are family, particularly in the Britain where she doesn't have her own family," said a source.
"The problem for her is whether or not she will genuinely be able to spare time for the auditions. She is happy to work with Simon to find a solution to this," added the source.
--IANS (Posted on 06-01-2014)