The 'We Found Love' singer is set to record a "party anthem" with Cole, having apparently been in talks to appear on the LP for some time.
"It's a big year for Cheryl. She can't wait for her little soldiers to hear the music she's been passionately working on over the past 12 months," a source told The Mirror.
"She has struck up a friendship with Rihanna. Rihanna thinks the world of Cheryl and will work on a party remix with her when they meet up on her next visit."
Teasing details of Cole's highly-anticipated effort, the insider continued: "[Her] album fuses pop, hip-hop, soul and dance. It already has some party anthems on it but Rihanna's would get everyone up on their feet."
Cole is known to be working with Taio Cruz, will.i.am and Alex Da Kid on her new album, while the likes of Nicki Minaj, Usher and Eminem have also been touted to appear.
According to reports this weekend, Cole is confident that the forthcoming release is "her best by far".
The 28-year-old is allegedly set to unveil her new single in March.
Watch the video to Rihanna's 'We Found Love' below: