Hewitt would allegedly fill one of the two vacant seats on the panel following the departures of two-time judge L.A. Reid and second-season judge Britney Spears.
However, a representative for The X Factor told the magazine "this is pure speculation."
While she's best known as an actress, Hewitt does have some musical background. She released multiple albums in the United States and overseas in the late 1990s and early 2000s.
In addition to Hewitt, country star Reba McEntire and singer Kelly Rowland, who judged the The X Factor's U.K. version in 2011, are also reportedly in talks to judge the Fox reality singing competition's next season.
"Kelly's nearly a done deal!" a source close to Rowland told Us.
Lovato announced her return to the show in late March. Reid announced in December he won't be returning to The X Factor after serving on the panel for two seasons, while Spears confirmed in January she had "made the very difficult decision" not to take on another edition of the series. According to reports, both parties opted to quit the show before Fox could fire them.
Fox announced earlier this week Khloe Kardashianwill not return to host the show. The network formalized her departure with a Monday announcement in which they revealed Kardashian's fellow first-time The X Factor co-host Mario Lopez will return as "the host" of the show's third season.