The singer said a production similar to the Spice Girls' forthcoming Viva Forever musical would be a "compliment" to the group's history.
She told Digital Spy: "That would be amazing! That would be funny. I can't imagine myself... Kimberley [Walsh] would be amazing because she's a theatre veteran now.
"It would be pretty amazing that someone could play those parts in the theatre. That would really be a compliment, I think."
Cole's new record A Million Lights is currently behind Justin Bieber's Believe in the midweek album chart, trailing behind by 3,000 copies.
It was recently rumoured that the star will make a surprise guest appearance at this year's BBC Radio 1 Hackney Weekend festival.
Watch the music video for Cheryl Cole's latest single 'Call My Name' below:
Additional reporting by Kate Lucey