The former X Factor judge is said to be embarrassed and "creeped out" after Cowell, who she saw as an "uncle" figure, admitted in unauthorised biography Sweet Revenge: The Intimate Life of Simon Cowell that he was "mesmerised" by her.
"I would have liked an affair with Cheryl. I felt like a mouse being played with by a beautiful cat. She would come in dressed in her tracksuit and slippers, drop her eyes and play the soulful victim to get around me. She played me. I adored her," Cowell is quoted as saying in the book.
The autobiography will be published by Harper Collins in November and Cole has already chosen a ghostwriter, according to the Sunday Mirror.
Cole told a friend: "How could he embarrass me like this? He was an uncle figure to me and to think all along he was trying to hit on me. It's disgusting and creepy. I'll never work for that man again."
The memoirs will apparently reveal how Cowell told her to dump husband Ashley Cole and end her romance with Derek Hough - after he had helped her as she recovered from malaria and divorced Ashley.
She will also tell how she felt "stitched up" after accepting her X Factor USA role only to be axed, as well as discussing her time in Girls Aloud.
"Cheryl's been thinking about doing this for a long time and has spent months preparing, going through old diaries. She wants no stone left unturned. After remaining silent for so long it feels like the right time to speak out," a source said.
"She will share all the ins and outs of her marriage breakdown as well as her life as a member of Girls Aloud. She won't be going out to attack people but equally she wants to set the record straight.
"This week has hardened her up and made her realise it's time to answer her critics once and for all. As for Ashley, he's now blaming Simon for the breakdown of his marriage and thinks he could have kept things together with Cheryl if it hadn't been for his meddling."
> Simon Cowell on controversial book: 'It is unauthorised'
> Max Clifford on Simon Cowell revelations: We've scored massive own goal
> Simon Cowell, Dannii Minogue were lovers
Listen to Cheryl Cole's new single 'Call My Name' below: