The 61-year-old star has reportedly penned a deal worth $14 million (£10 million) a year with the Luxor Hotel for an upcoming residency featuring the winner from this year's series of "AGT", along with other performers.
"We open America's Got Talent in Vegas at the Luxor this year," he told Britain's Daily Mirror newspaper. "And Vegas and Got Talent is where they want to end up."
"We had a fantastic conversation with MGM who own the Luxor. And we agreed to do it, so it happens this year."
A more formal announcement is expected to be made next month (Jul21), and it's likely stars from "Britain's Got Talent" will also join the show in the future.
Although the winner of the U.S. show has performed in Sin City as part of their prize, the new project is seen as a much bigger deal.
"The market for the AGT acts in Vegas has been successful," an insider added to the publication. "So it is no surprise that Simon is taking the next step."
"The market there is growing and the show is the U.S.'s top prime-time show. On top of that he can use his show to promote these stars. This could work out really well in the short and long term. And of course an added bonus is that Simon could introduce British acts from BGT there by having them in as special guests."
It's said the media mogul has been "working on this deal" since 2018 although the pandemic stalled the project last year.
"This is one of his smartest business moves ever. He has been working on this deal for three years, but Covid impacted the 2020 plan," the source added.
"Now, with investors and MGM's support, there is a huge feeling this will be one of the big shows that will really bring Vegas back bigger and better."