The 'Promise This' star, who has now been confirmed as a judge on The X Factor USA, has reportedly received interest from Jay-Z for the past year and they both now feel that it is the right time to launch Cole's music career in the US.
"Jay-Z has been keen to sign Cheryl for some time now," a source told M Is For Music.
"He has been in talks with her UK management to bring her to Roc Nation and Cheryl herself is keen to sign with him as she is a big, big fan of him and Beyoncé.
"She knows signing to Roc Nation would guarantee her massive success."
The rapper previously showed his support for Cole back in 2009 by offering to help the Girls Aloud star crack the States.
The news follows recent reports that Cole's ex-husband Ashley has been in talks with Jay-Z about setting up his own record label in the near future.
> Video: Cheryl Cole's got the 'X Factor' job - but has America heard of her?
> Cheryl Cole: Her rise to 'X Factor' USA
Watch the video for Cheryl Cole's 'Promise This' below: