The 'Call My Name' singer - who was famously axed from the US version of 'The X Factor' last year after just four episodes - is said to be wanted by producers of the hit talent show to join Randy Jackson, Steven Tyler and Jennifer Lopez on the panel.
A source told the New York Post newspaper: ''It will be interesting to see how Jennifer deals with another beautiful woman sitting alongside her.''
However, Cheryl, 28, could replace Jennifer, who has recently hinted she may quit the show after two years on the panel.
The mother-of-two said; ''Now this is my second year - I don't know if I can go for a third year. I miss doing other things. It really does lock you down, which was nice the first year with the babies being three, but now they're getting more mobile, they're about to go into school ... so I just don't know.''
Bosses are said to be willing to pay Cheryl in the region of $5m to $10m, compared to Jennifer's $15m to $20m.
Cheryl - who worked on the UK 'X Factor' for three series, with her acts winning twice - was dumped from the US 'X Factor' by boss Simon Cowell after he claimed she didn't look comfortable in her new role.
She was replaced by Nicole Scherzinger, who was axed by Simon after the first series.