"I think he's going to do Season 9, have so much fun, he's going to look across the desk and say, 'Dog, I've got to do it again. I'm coming back,'" said Jackson during a Tuesday appearance on Live with Regis and Kelly.
"Maybe he'll come back. Who knows?"
Cowell inked a deal with Fox last week that will end his American Idol judging role while also launching his British The X Factor reality competition series for the network in Fall 2011.
He subsequently suggested that host Ryan Seacrest should pull double duty, which a show insider told E! News was "in play." In addition, Elton John was a rumored replacement, however his representative subsequently denied it.
Jackson was asked who he thinks will replace Cowell should he actually leave.
"It's a tough thing. I don't even know man," replied Jackson.
While Fox has remained mum on a possible replacement, American Idol creator Simon Fuller recently stated he's received numerous calls and that "everyone's interested" in Cowell's soon-to-be-former position.