The music mogul is in the early stage of creating a production company to work on blockbuster hits with a similar feel to `StreetDance 3D`, using the stars already signed on to his payroll.
A source said: "Simon has the Midas touch. This is great for British film. We have our fingers crossed."
`StreetDance 3D` - which starred Charlotte Rampling, Jeremy Sheffield and dance troupe Flawless - made £12 million on its release earlier this year.
The insider added to the Daily Star newspaper: "Simon didn`t have anything to do with that film but it was an eye-opener for him."
The 50-year-old businessman - who owns music publishing house Syco, which has Leona Lewis, Alexandra Burke and Joe McElderry on its books - has worked as a producer and writer on various TV projects in the past, including British singing competition `The X Factor` and `America`s Got Talent`.
He is currently working on a US version of `The X Factor` after quitting `American Idol` as a judge earlier this year.
A film loosely based around Simon and his musical TV talent shows has already been made - 2006`s `American Dreamz` starring Hugh Grant as mogul Martin Tweed grossed $16 million worldwide.