The show, which does not yet have a title, will operate in a similar manner to the X Factor, with DJ's battling it out to secure fame and fortune, reports Music Week.
The show will be co-produced by Cowell's company SyCo and production group Overbrook, which is owned by actor Will Smith and his wife Jada Pinkett-Smith.
Simon Cowell said of the show: "We have been working on this show for over a year and we wanted to partner with the right people. As soon as I met Jada and Miguel from Overbrook, I knew they would be our ideal partners. DJ's are the new rock stars, it feels like the right time to make this show."
Jada Pinkett Smith said: "This show will comb the world to find a new breed of talent. I am happy to be creating it alongside Simon Cowell, the Sony team, and my partner Miguel Melendez, on behalf of the Overbrook family."
It is still unknown which UK and US TV networks will broadcast the show, with more details expected to be confirmed shortly.
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