The Black Eyed Peas star revealed that he was writing a song for Jackson and the former X Factor judge prior to the King of Pop's death in June 2009.
"I told Michael Cheryl was the hottest thing in the UK and he was keen to meet her," will.i.am told The People. "I was gonna write them a song."
Cole is currently poised to release her third solo album, which she has reportedly described as "her best by far".
will.i.am has expressed hope that the record will make Cole a "household name" in the US.
"The thing is with Cheryl, she makes the best of every situation and always comes out fighting," he said. "Nothing will ever keep that girl down for long, and I do mean nothing. She is an inspirational person."
Cole appeared to reveal a selection of lyrics to her comeback single on Twitter this week. She is expected to perform the track on The Voice UK, which features will.i.am as a coach.
Watch Cheryl Cole in the video for 'Promise This' below: