According to a spokesman for Revolver Entertainment, the firm behind the project, plans are afoot to recruit the popstar for the follow-up.
"There is a character Cheryl is perfect for and we are holding meetings over the next few weeks to discuss exactly what we can offer her, it will be a sizeable sum," the spokesman said.
Dead Man Running starred 50 Cent, Danny Dyer and Brenda Blethyn and was produced by Cole's estranged husband Ashley and his England teammate Rio Ferdinand. It is unclear if Cole or Ferdinand will be back for Dead Man Running 2.
Cheryl Cole's only other movie appearance was with her Girls Aloud bandmates in 2007's St. Trinian's.
> Click here to watch our 'Dead Man Running' interview with Danny Dyer