The singer has been working on her third studio album throughout the year and is currently finishing off tracks to be included as part of the final set.
However, Cole considers her work with Cruz to be some of the best material she has recorded and is looking to release one of the tracks as the campaign's lead single.
A source told The Sun: "They've had a great friendship ever since he wrote 'Stand Up' for her.
"Cheryl says the new song he has written is one of the best she's got on her new album. She might even release it as her first single."
Meanwhile, the Girls Aloud star has been working with producer Alex Da Kid on her third opus and is rumoured to have hooked up with US hip-hop stars Eminem and Nicki Minaj.
Other artists who have reportedly collaborated with the former X Factor judge include Rihanna, Justin Bieber and Usher.
Cole's manager and Black Eyed Peas performer will.i.am recently stated that he believes the Geordie entertainer has the potential to be a huge star in the US.
Listen to Cheryl Cole and Taio Cruz's previous hook-up 'Stand Up' below: