In a US television interview set to air next week, the X Factor judge dismisses claims from the singer that TV talent shows like his have stifled innovation.
Cowell said: 'Well, look. This [Elton] is somebody who charges, what, a million dollars a private gig? Two million dollars, you know? I don't know whether he's concerned about himself.
'But they always bleat on that we're not giving other people a chance.
'And I always want to say to them, 'I tell you what, you just made a million dollars off... your last private gig.
'Go and give it to a bunch of young musicians you care about, put them in the studio. Go and nurture them. Go and spend some time looking after them.''
Cowell, 51, told CNN's Piers Morgan Tonight: 'Then I'll buy your argument. They... they're only worried about themselves.'
Sir Elton, 63, recently claimed reality shows have 'killed talent' in the UK.
He asked: 'Can any X Factor people cut the mustard?''
Cowell will launch the US version of X Factor later this year.