The British businessman's eight-bedroom Great House was destroyed after a fire broke out on the private Caribbean island.
According to The Sun, the Coles had planned to spend time in the property, following their alleged reunion.
"Cheryl and Ashley were due to go to Necker Island but obviously that's out of the question," a source told the paper. "They do have other places they could go for a short romantic trip away though. It is only going to be a very short trip due to Ashley's football commitments."
The pair, who are said to be taking their relationship slowly, have allegedly reunited a year after they divorced.
"They have been spending a lot of time together and the next logical step is a trip abroad, just the two of them," the insider said. "Ashley feels like he's really making headway, even if Cheryl is still reading him the riot act. He wants her back and that's that."
Cheryl, 27, and Ashley, 30, are now looking at other holiday destinations, which reportedly includes Chelsea owner Roman Abramovich's St Barts island property.
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Watch Cheryl Cole's 'The Flood' video below: