The Girls Aloud star revealed tonight (March 10) that she will appear on this year's series of the ITV talent show.
Alongside a picture of her and fellow judge Simon Cowell, Cole posted on her Instagram: "GUESS WHAT!!.. I'm baaaacccckkkkk!!!! #iMayActuallyRingHisNec #XFactor2014"
She later said: "I'm very happy and excited to be returning to The X Factor. I'm inspired and ready to find new talent and potential popstars. It's going to be a fun series."
Cowell added: "I am so happy that Cheryl has agreed to join The X Factor again.
"The last time we worked together in the UK was incredible and produced some really successful artists. Obviously the plan is to do the same again... so it's back to work!"
Cowell had previously tweeted: "It's official. Cheryl is back."
He added to fans: "Be careful what you wish for!"
The 54-year-old went on to praise Cole's credentials, saying that she is a "brilliant judge of talent".
Rumours of Cole's return to the judging panel have been circulating for months, but intensified following Cowell's return to the UK series last month.
The 'Fight For This Love' singer added to the speculation when she posted a Throwback Thursday photograph of her and Cowell together on the show.
She last appeared as a judge on The X Factor in 2010, alongside Cowell, Louis Walsh and Dannii Minogue, but left to join the first series of The X Factor USA.
Her stint on the US series was short lived and she was quickly replaced with Nicole Scherzinger, resulting in her feuding with Cowell for years and receiving an undisclosed settlement for unpaid earnings last December.
She made a brief guest appearance on the UK series in 2012 when she assisted Gary Barlow at Judges' Houses.
Cole was the winning mentor on the first two of the three series she appeared in, leading Alexandra Burke and Joe McElderry to victory in 2008 and 2009 respectively. She also finished runner-up with Rebecca Ferguson in her final year.
In a recent poll of over 20,000 Digital Spy readers, 61.35% backed Cole's return, saying that they would be happy to see Cole reunited with Cowell on this year's series.
It is currently unclear who will fill the remaining two seats on the panel, following the apparent exit of Scherzinger and departure of Sharon Osbourne at the end of the most recent series. Walsh has yet to confirm his involvement.
The X Factor returns to ITV for its eleventh series later this year.
Cheryl Cole makes X Factor return: Star's journey in pictures