Simon Cowell

Simon Cowell is set to ring in the New Year with is ex-fiance.

'The X Factor' USA star - who recently admitted he is casually dating Carmen Electra - has opted to skip celebrations with his new love interest in favour of hanging out in Barbados with his former flame Megan Hussainy, who he called off his engagement with last year.

A source told the New York Post's Page Six that the 53-year-old music mogul has no plans to see Carmen, who is spending New Year's Eve in Las Vegas.

The glamorous model is set to appear on stage as part of Simon Hammerstein's theatre show 'The Act' at The Shoppes at the Palazzo on Monday night.

The 40-year-old star is also set to appear on FOX's 'New Year's Eve Live' special while Simon continues to enjoy his annual beach holiday with is ex girlfriend.

Earlier this month Simon - who has been spotted on numerous dates with the TV presenter and model recently - admitted he is smitten with the 40-year-old beauty but insisted she is not his girlfriend yet.

He said: "She's not my girlfriend. We're people who date. She's adorable, isn't she?"

Carmen, who was once married to basketball star Dennis Rodman and rocker Dave Navarro, previously revealed she had fallen for the British millionaire after she filled in as a guest judge on 'Britain's Got Talent'.

She said: "He's so cute. He is adorable. He's actually a sweetheart ... I really liked him. I think he's really cool. Now, obviously, he's in [Los Angeles] with X Factor and we started to hang out and we became friends ... I think he's a great guy."

Simon and Carmen were first spotted enjoying a flirtatious dinner at Los Angeles restaurant Cecconi's in September.

An onlooker said at the time: "They were getting very cosy. They were holding hands and staring into each other's eyes - and then they started making out.

"They were with other friends at the restaurant but didn't seem to mind."