The Black Eyed Peas star is continuing to manage Cole's US career. The Girls Aloud singer is currently working on her third solo album, for which a release schedule remains unconfirmed.
will.i.am told New magazine that Cole has made "a lot of powerful friends" who could help her break the "notoriously tough" American market.
"She's doing really well, she is really happy at the moment. The thing is with Cheryl, she makes the best of every situation and always comes out fighting," he said. "She has a lot of very exciting things coming up and we are working on a lot of projects. Nothing will ever keep that girl down for long, and I do mean nothing. She is an inspirational person.
"We speak a lot because, most importantly, she is a very good friend of mine and I want to know how she is doing. On a business level, we have a lot to speak about as well, but with Cheryl it has been and always will be friendship first and business second for me."
Describing the sound of the upcoming album, he continued: "It's got a really great dance feel to it - it's going to be played in clubs across the world. This is her best work yet. I don't often say things like this, but I think this album will make her a household name in the US."
Cole, who recently filmed a cameo in Cameron Diaz's new movie What To Expect When You're Expecting, is said to be "working very hard" on her new LP.
Teasing a potential future project, will.i.am said: "I can't say who, but two of the top ten rated shows in the US have approached me about Cheryl working with them."
Asked if Cole will make Los Angeles her permanent base, he said that the 28-year-old "understands that being in LA is a must for the future".
"She will always be flying between LA and London, but yes, LA is going to be her home for a while," he added. "It's where all the best movies and TV shows are commissioned and, if she wants to be a part of that, she needs to be here."
The full interview with will.i.am appears in the new issue of New magazine - out now.
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Watch Cole and will.i.am's '3 Words' video below: