The former UK judge and executive producer told radio station LBC 97.3 that he will "find a way" to work with the singer on the show once again.
Cole has been linked with a return to the judging panel after Gary Barlow, Sharon Osbourne and Louis Walsh announced their departures earlier this year.
Cowell said of Cheryl: "She was a really, really good judge. I mean, she took what she did seriously.
"She used to phone me almost every night – one, two, three o'clock in the morning, talking about songs and what she should be doing.
"That's the kind of judge you want to be working with on these shows, because they really care."
He added: "I hope we're going to get the chance to work together.
"We have to find a way because we had a lot of fun."
Cowell and Cole famously fell out after she was axed from the US version of the show back in 2011. She recently received a £1.4 million out-of-court settlement after suing X Factor USA producers for loss of earnings.
However, the pair are now thought to be on good terms, with Cole helping Gary Barlow at Judges' Houses last year.
"She's just in a great place," Cowell added.
"She looks great and the album she's making is really good."
Sam Bailey was crowned winner of The X Factor 2013 last week, securing this year's Christmas number one with her cover of Demi Lovato's 'Skyscraper' yesterday (December 22).
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