The 'Dynamite' singer has been rumoured to be dating the Girls Aloud star in recent weeks, after she was quoted to be "completely clumsy and dippy" around him.
The pair have been working together on new material for her upcoming third studio album.
However, Cruz has confirmed that they are not an item, telling MTV News: "I really wish I was dating Cheryl Cole, but I'm not!"
He added: "Cheryl and I worked together in Los Angeles a few weeks ago - we got about three new songs done."
Cruz also explained that the rumours of the pair dating possibly started after he tweeted a picture of her wearing a designer watch from his own collection last month.
The tweet said: "The Gorgeous miss Cheryl Cole, Sporting her new Black and Gold RXTR "R1" Watch (sic)".
Cheryl Cole has also recently denied that she is dating Alex Da Kid, and added that she wants to stay single for the time being.