The 45-year-old singer - whose biggest hits include 'Together Again' and 'That's the Way Love Goes' - has reportedly expressed interest in the show.
According to The Hollywood Reporter, discussions between Jackson and the show's producers are still in the early stages.
Jackson avoided confirming any X Factor rumors during an interview with Anderson Cooper earlier this week, insisting: "No, I'm not a judge on The X Factor."
When Cooper clarified: "You're not currently a judge on The X Factor," she replied: "No, I am not. But that's all I really think I should say."
Simon Cowell is believed to be holding meetings with potential judges this week, two weeks after former judges Paula Abdul and Nicole Scherzinger and host Steve Jones were revealed to be leaving the show.
Cowell is believed to have shown interest in singers Mariah Carey and Katy Perry.
He recently said: "I think [Katy] would be fun because she is hard - in a good way - and she's feisty. She would be great. In terms of experience, success... brilliant."
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Watch Janet Jackson perform 'Together Again' live below: