The star was rumoured to have recorded a collaboration with the Bajan popstar earlier this year for her third studio album A Million Lights.
However, Cole has now revealed that they plan to work together in the future as work on each of their respective albums has been completed.
Asked about the plans, Cole told Capital FM: "I love her, yeah. I mean, now that the album's finished, my album's finished and her album's finished, there should be time in the future. I'd love to collaborate with her."
Meanwhile, the Girls Aloud star has announced plans to embark on her first ever solo tour across the UK this October.
Cole also added that she has delayed plans to promote her new album in the US so she can concentrate on the Girls Aloud 10th anniversary reunion later this year.
Cheryl Cole's new album A Million Lights will be released on June 18.
Watch Cheryl talking about a possible Rihanna collaboration below: