Credit: Ray Mickshaw/©2013 Fox Broadcasting Co.

Things are not looking good for the SS X Factor. Almost as soon as the show wraps Wednesday nights, there’s a new report of just how few people tuned in to watch. First, it was crushed by The Voice when the two went head-to-head for a week in October. Then last week, X Factor hit a new low with only a small 13 percent increase for the most recent Live Show on November 13.

The situation is looking so dire, X Factor may get the ax. You’d think that blow wouldn’t come until after Season 3 wraps next month, but a recent report over in the UK says Fox might pull the plug much sooner than expected.

“Speculation is rife that the show will not return for a fourth run, with some reports even suggesting it could be axed ‘within days,’” British publication Metro reports. Within days? Ending the show now would be a completely topsy-turvy move that would leave the Top 12 hanging and no Season 3 winner ever crowned.

Then again, if ratings continue to drop as quickly as they have this season, we’re looking at a premiere watched by exactly the number of people sitting in the live studio audience — not exactly the core demographic TV advertisers are shooting for. The folks over at Fox seem all too aware of the tough situation X is in with the company’s COO calling the show’s performance “disappointing to date.”

Disappointing, sure, but enough to end it all? Guess we’ll just have to stay tuned...or not.

What do you think? Is X Factor a sinking ship or are people just too pessimistic? Share your feels in the comments below.

Sources: Metro, TV by the Numbers

Elisabeth Kramer is an Assistant Editor at Wetpaint Entertainment and our resident Downton Abbey expert. Follow her on Twitter and Google+!