"We feel great about the show and I'm thrilled to bring it back next year for Season Three," Fox reality chief Mike Darnell added.
"This season, Simon and the producers of The X Factor took an already strong show and made it absolutely fantastic. The format changes are working, the contestants are unbelievably talented, and [Britney Spears] and [Demi Lovato] -- alongside Simon and [L.A Reid] -- have brought an incredibly fun new chemistry to the judges' panel that our fans really love."
The X Factor's currently-airing second season -- which added Spears and Lovato as new judges -- has averaged 10.6 million viewers and a 3.9 rating among the Adults 18-49 demographic since its September 10 premiere.
It currently ranks among the Top 15 shows in the Adults 18-49 and Adults 18-34 demographics for the fall season and as a Top 5 entertainment program among Teens.
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