The singer, who was axed from The X Factor USA in June, had been linked to a role on the new BBC talent show and her representatives held preliminary talks about the role.
However, BBC bosses have since decided that they want a completely fresh panel, meaning no previous talent show judges will appear on the The Voice, The Sun reports.
"Cheryl is liked by everyone at the Beeb but it soon became clear we should start completely fresh," a source told the paper.
"We've got the show for at least two years - it's a great opportunity to grow our own coaches. We will be signing big names."
Dannii Minogue was apparently ruled out of The Voice UK earlier this year because she is "so associated with The X Factor".
Cole was recently backed for a role on Britain's Got Talent by hosts Ant & Dec.
Watch Cheryl Cole's video for 'Fight For This Love' below: