'The X Factor' is returning on Seven.

After a failed attempt by Network Ten in 2005, the Seven Network are planning to bring ‘The X Factor’ back to life in a bold new show-stopping production later this year.

Format creator Simon Cowell had previously told interested networks that a relaunched Australian version would have to be made “my way or the highway”.

Seven struck the deal with Cowell’s British company Syco to relaunch the series after months of negotiations and a very high price tag — which sources say is skywards of $20 million.

While Seven were quite apprehensive at first about picking up such an expensive format, it’s widely believed that their recent success with the revamped ‘Australia’s Got Talent’ gave them the nudge they needed.

Seven have managed to sign on an impressive judging panel for the new series of the singing reality comp, which includes Kyle Sandilands, Natalie Imbruglia, Guy Sebastian and Ronan Keating.

Deals with Imbruglia, Sebastian and Keating where finalised today.

“What an incredible line-up of judges,” said Seven’s CEO David Leckie, who described the format as a “bloody great show”.

Seven have yet to announce a host for the new series.

Contestants will be divided into four separate categories, each being mentored by one of the judges.

The four categories are as follows:

• Males aged 16-25
• Females aged 16-25
• Males or Females aged 25 years and older
• Groups aged 16 years and older

The winner of will win a music contract with Sony Music Australia.

‘The X Factor’, which will launch later this year, is a part of Seven’s master plan for a major programming push against Nine and Ten, who are both seeing increasing ratings success with shows like ‘Underbelly’ and ‘MasterChef Australia’.

FremantleMedia Australia, who produced the Network Ten version, will also produce the relaunch.

“Our creative team are determined to make this show something very special,”said FremantleMedia’s CEO Ian Hogg.

Auditions dates have already been announced, details can be found at www.xfactortv.com.au