Simon Cowell is reportedly ready to launch his global talent search.

The former American Idol judge is planning World's Got Talent, a World Idol-like global competition that will assemble Got Talent winners from various countries and pit them against one another to find the most talented person on the planet, for next summer, the U.K.'s The Sun newspaper reported Saturday.

Cowell had stated he had "been thinking about doing this for a long time" in November 2007 and now The Sun reports it will come to fruition next summer when it is held at London's Royal Albert Hall and airs on ITV in the U.K. and stateside on NBC.

"This has been Simon's dream. It will be the biggest reality show the world's seen," a source told The Sun. "There is a huge wealth of talent out there. The best acts cross language barriers."

Former Pop Idol and current Britain's Got Talent hosts Anthony McPartlin and Declan Donnelly -- the "Ant & Dec" team that served as the model for American Idol's original Ryan Seacrest and Brian Dunkleman co-hosting team -- will host World's Got Talent, according to The Sun

Cowell will be joined on the judging panel by America's Got Talent and Britain's Got Talent judge Piers Morgan, The Sun reported, adding the show's winner will receive a $1 million grand prize.

World Idol aired in December 2003 on Fox, and featured winners from eleven Idol editions from around the globe. 

Norwegian Idol edition champion Kurt Nilsen won World Idol, with original American Idol champ Kelly Clarkson finishing second.  "Ant & Dec" served as the two-part special's hosts.