The Voice UK coach, who manages Cole, told The Sun that he thinks a duet between the two would work well.
"Britney would be great with Cheryl," will.i.am said. "When I'm recording with Britney, I've four songs of Cheryl sitting there."
The Black Eyed Peas member added that he also wants Cole - whose latest single 'Call My Name' topped the charts in the UK earlier this month - to work with Rihanna.
"I told Rihanna there was this girl called Cheryl Cole and she is the pop princess of England," he added. "I was telling people in America they should collaborate.
"Hopefully it will happen soon."
will.i.am's new single 'This is Love' is currently on course to top the charts in the UK this weekend.
Watch the video to 'Call My Name' by Cheryl Cole below: