Speaking to GQ, the boxer explained that he thinks the Girls Aloud star is very attractive.
"This could be the arranged marriage I'm after," he said. "Cheryl's a very nice girl, very pretty."
Khan also criticised Cole's estranged husband Ashley for cheating on her, saying: "I'd definitely give [Cheryl] a hug. It doesn't matter how famous you are - if your lover hurts you, you're devastated.
"I think there are a lot of distractions for footballers with all the money you earn, and all the women that approach them. But it's up to the players to be strong-minded. And I think they are weak."
He continued: "Ashley Cole and John Terry shamed their families. If I was married I would never do that. They should make the most of what they have and not look elsewhere."
Cole is allegedly planning to revert to her maiden name of Tweedy in the future.