The Black Eyed Peas rapper, who is Cole's US manager, has insisted that he has the influence to make the collaboration a possibility.
will.i.am told Heat magazine: "I am very tight with Justin's mentor Usher, and Cheryl has met him as well. We are like one tight little family and there is a lot of potentially exciting stuff in the pipeline.
"Justin is a fan of Cheryl and has been asking Usher if he can set something up with her for over a year now."
The producer also teased that the Girls Aloud star's new album will be "the best material she has ever released".
He added: "Some of the biggest names in the industry are working with her. When Cheryl is at her happiest, she is infectious to be around, and this is the happiest she has been in a long time.
"She has put the past in the past and she has a big future. It was pretty much unanimous among critics that she should have stayed on US X Factor, and the experience has provided a great platform for her."
The 'I Gotta Feeling' star continued: "My phone has not stopped ringing with offers from top TV shows in the States, as well as some big movie producers. She will be a household name in the US very soon."
When asked if he thinks Cole will appeal to US audiences, he concluded: "Not only is Cheryl a talented singer and actress, but she's immensely likeable.
"When people meet her for the first time, they want to meet her again because she's great company. So the answer is yes, without a doubt."
> Cheryl Cole to collaborate with Eminem, Nicki Minaj for new album?
> Justin Bieber: 'Cheryl Cole would be a perfect wife'
Watch the music video for Cheryl Cole's 'Promise This' below: