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30 November 2012, 08:49 | Updated: 30 November 2012, 09:03
The 'Under The Sun' singer is said to have been offered a spot on the show's panel for next year.
Cheryl Cole is reportedly being eyed for a return to The X Factor UK judging panel next year after being told to "name your price" by boss Simon Cowell.
The 'Call My Name' singer left the show after the 2010 series for an ill-dated stint on the US version of the show, and Simon is said to be keen to have Cheryl return to the ITV1 show after flagging ratings for the current series.
"He's desperate to get Cheryl back on X Factor UK because it's lost its way," a source revealed to The Sun this week. "The money on the table would be a fortune - at least double what she got last time.
"She could have what she wanted," they explained. "He doesn't want to see X Factor going down the way it is and he thinks Cheryl is the next best thing to him."
This week it has been reported that Simon is also impressed with new X Factor UK panelist Nicole Scherzinger after she has proved a hit with viewers, while Gary Barlow has cast doubt about his future on the show after admitting he is unsure of a return in 2013.
Check out a picture of Cheryl Cole promoting her new album 'A Million Lights' below:
Cheryl recently reunited with her Girls Aloud bandmates for a greatest hits collection and upcoming reunion tour, and the girl band release new single 'Beautiful 'Cause You Love Me' on 17th December.
Cheryl Cole will perform on the first night of the Capital FM Jingle Bell Ball on 8th December before singing with Girls Aloud on day two of the event (9th December).