The production company has partnered with Fleischer Studios and Animal Logic Entertainment on the project. Fleischer owns the Betty Boop character, while Animal Logic performed the animation for The Lego Movie. Cowell and Adam Milano of Syco and Zareh Nalbandian and Jason Lust from Animal Logic will produce.
Betty Boop was created by Fleischer Studios founder Max Fleischer, and originally appeared in her own series of cartoons in the 1930s. The character is a caricature of a Jazz Age flapper, and is known for her curvaceous figure and flirtatious manner.
"Betty is an icon, and one of the biggest stars in the world," Cowell said in a statement. "I'm thrilled to be working with her. Betty, I've worked with some serious divas but I think you could be the biggest of them all!"
Cowell served as a judge on American Idol from 2002 to 2010, and has also appeared on The X Factor and Britain's Got Talent. He produced America's Got Talent, and feature films One Direction: This is Us and One Chance.