The Girls Aloud star is currently working on the follow-up to her 2010 album Messy Little Raindrops in the US and has lined up a number of duets in a bid to crack the American music market.
A source told the Daily Star Sunday: "Cheryl's album is finally coming together now and is sounding incredible.
"It's completely different to anything she's brought out before and has much more of an urban vibe than her previous pop-based stuff.
"There's a lot of heavy beats and it has a real old-school flavour to it."
After confirming that talks are taking place between Cole's manager will.i.am, Eminem and Nicki Minaj, the source elaborated on the latter duet further.
They explained: "Not only has she lined up Rihanna and Usher for duets on the album, which she's ecstatic about, she's also in talks with Nicki Minaj as there's one track in particular on her album which will.i.am thinks would be perfect to have Nicki's vocals on."
The insider continued: "Most of Cheryl's vocals have been laid down now after doing much of the recording a few months ago in LA at the studio underneath the Sunset Marquis hotel, and then with her recent stint in New York with Alex da Kid and some other incredible hip-hop producers who've worked with the Black Eyed Peas as well as artists such as P Diddy and Lupe Fiasco."
Cole will allegedly also team up with Lady GaGa's creative director and choreographer Laurieann Gibson for her new music video.
The source added: "Will told her about Laurieann who's worked on most of Lady GaGa's videos and a host of US hip-hop stars."
Cheryl Cole is expected to release the lead single from her upcoming album in early 2012.
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Watch Cheryl Cole team up with will.i.am and Nicki Minaj on 'Check It Out' below: