The Girls Aloud singer and former X Factor judge - whose first shoe collection will go on sale in December - is in talks with channel executives to launch a fashion-themed show, The Sun claims.
The paper quotes an insider as saying: "Cheryl is hugely passionate about fashion - it's the thing she loves most after music.
"Channel 4 is working with her on a variety of ideas as what she's interested in doing is something with a bit more depth to it than just a frivolous fashion show."
A Channel 4 source said: "We are talking to Cheryl about working together, but it's early days."
Cole is currently working on her third solo album with hip-hop producer Alex Da Kid following her brief judging stint on The X Factor USA earlier this year.
She has also recently visited Afghanistan for the Pride of Britain Awards and will be seen playing a TV talent show judge in Cameron Diaz's new film What To Expect When You're Expecting.
See footage of Cheryl Cole visiting soldiers in Afghanistan below: