Executives at Fremantle and 19 Entertainment are said to have contacted Cole on Monday (May 21) to ask if she would be interested in joining the panel of the Fox talent contest, reports the New York Post.
If a deal is reached, she would either join Jennifer Lopez on the panel, or replace her What to Expect When You're Expecting co-star if she decided to quit.
Lopez has been rumoured to be leaving the series after she hinted that she would like to pursue other projects.
"It will be interesting to see how Jennifer deals with another beautiful woman sitting alongside her," a source said.
Cole appeared in the first few episodes of The X Factor USA as a judge before she was quickly replaced by Nicole Scherzinger.
The British singer will release her third studio LP A Million Lights on June 18.
Watch the music video for Cheryl Cole's 'Call My Name' below: