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The actress is starring in the upcoming film What to Expect When You're Expecting, in which Cole is due to make a cameo appearance.
Diaz has reportedly been telling friends that she can't wait to meet the former X Factor judge on set.
"She remembers what life was like, starting out in Hollywood," a source told Now magazine.
"She loves a great night out and has invited Cheryl for dinner and cocktails as soon as they can."
Diaz recently claimed that Bollywood actors work harder than anyone.
