The singer has enlisted the help of Riley, who has previously written tracks for Jessie J and JLS and is currently working with Justin Bieber and Rihanna.
A source told The Mirror: "Cheryl's bang on the money with this one. Their chemistry is off the scale."
Meanwhile, Cole revealed on Twitter yesterday that she had just watched The Passions of Girls Aloud, which was a one-off TV series where the girls had the opportunity to pursue a life-long ambition.
"OMGG... I am PMSL time off can be dangerous for me. I have just found and WATCHED the whole 'The passions of Girls Aloud'..(sic.)," Cole wrote.
"First of all i now remember why I never watch myself back.. But can you BELIEVE that was 4/5 yrs ago.. Wow.. #memories.. #moanyarse haha"
Cole is rumoured to have worked with a number of producers for her third studio album including David Guetta, Taio Cruz and Alex Da Kid.
The record is expected to be released in the UK later this year.
> Cheryl Cole to open heart in new song 'Craziest Things'?
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Watch the music video for Cheryl Cole's 'Promise This' below: