Lily Allen for The X Factor?

Lily Allen is in talks to replace Simon Cowell on the judging panel of 'The X Factor'.

The 51-year-old music mogul - who is widely rumoured to be leaving the ITV1 show to launch the Stateside series later this year - has reportedly told his executive producers to "break the bank" and hire the mouthy 25-year-old singer as his replacement.

However, Lily, who tragically lost her first child with boyfriend Sam Cooper six months into her pregnancy in November, is said to have declined the offer as she "doesn't need the money or the hassle".

An insider told The Sun newspaper: "Lily was flattered to get Simon's call. It's a big job and an honour to be asked. But she's not convinced. She has tried to take a step back from the limelight over the last six months and doesn't want to be thrust right back into the madness of the showbiz pantomime that comes with the show.

"She doesn't need the money or the hassle at this stage in her life. Maybe in a few years' time when circumstances change she will be more receptive."

Appointing Lily to the judging panel could have been a risky move, as she has a famously tumultuous relationship with current star Cheryl Cole - who is also believed to be leaving the show in favour of a US move - after publicly branding the Girls Aloud singer a "stupid b***h".

However, Simon isn't the only reality TV judge keen to snap up the 'Smile' hitmaker. Strictly Come Dancing's Alesha Dixon recently admitted she waned Lily to join her on the expert panel of the BBC One show.

She said: "Lily would be great on the 'Strictly' panel. She's said before she loves it and I think she'd be a brilliant judge."