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The former The X Factor judge is holding talks with TV bosses about launching the fashion-based slot, with her as presenter, reports The Sun.
"Cheryl is hugely passionate about fashion - it's the thing she loves most after music," a source is quoted as saying. "What she's interested in doing is something with a bit more depth to it than just a frivolous fashion show."
The singer, who recently launched her own range of shoes and is now working on a new album, has been tipped to return to TV after her short-lived appearance on the US X Factor.
She is thought to have been partly inspired by the documentary films about the industry made by her Girls Aloud bandmates Nicola and Kimberley.
Cheryl recently told Capital that she's been shopping with Kimberley in between recording sessions for her new album in the US.
The singer and the remaining members of Girls Aloud are planning to watch Kimberley in Shrek The Musical which starts in London tonight (5th October).