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The pair have been spending time apart since tabloid reports claimed that the England footballer cheated on Cheryl twice in 2007.
Cole has been on holiday in Thailand for the last week and spent Valentine's Day with friends rather than her husband.
The Girls Aloud singer told two of her bandmates, Nicola Roberts and Kimberley Walsh, her final decision yesterday, according to The Sun.
A source said: "Cheryl has had a lot to think about but she’s made up her mind and she’s feeling a lot more positive about the future.
"Only Nicola and Kimberley know what she’s decided to do. I think most women would want her to dump him for cheating - but you never know."
The popstar returns to the UK next week and will be presenting a Brit Award on February 20.
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