The media mogul is said to be desperate for the Girls Aloud singer to make a reappearance on the show, after plans for her to be a guest star during Kelly Rowland's illness fell through and Alexandra Burke was drafted in instead.
"The X Factor UK team and Cheryl did discuss her coming back on the weekend when Kelly was ill," a source told The Mail On Sunday. "She was up for it but it didn't quite work out - it was all very amicable.
"Everything is very friendly and I'm sure they will work together on something in the future, but nothing is being discussed at the moment... she is thinking about it."
Cowell allegedly believes that X Factor viewers have not responded well to this year's series because they are "missing" Cole.
"Simon feels that something is missing from this year's X Factor, and although he jokes that it's him he does also feel the nation is missing Cheryl," the insider said. "She has always been incredibly popular and he knows she will pull back the viewers in droves."
Cole's spokesperson said of the reports: "She is over The X Factor. It's behind her, she is moving on with other projects."
It was claimed last month that Cowell will allow Louis Walsh to axe one of his fellow judges to make way for Cole.