The 29-year-old singer was famously sacked from the show during its first series after just four days on the job.
However, in a shocking turn-around of events, Simon Cowell is said to be weeks away from offering Cheryl her old job back- with a generous pay packet of £1.1million attached.
A source told The Mirror: “This is a massive move from Simon. He’s going right out there and saying that he made a mistake in sacking her.
“After she was shunted off the show, TV critics in the US said in reviews that she was the best thing about the programme – and it seems for once that Simon was wrong.
“Over the past two seasons, the US X Factor hasn’t performed as Simon would have wanted – now it looks like Cheryl will be the saviour.
“He’s planning to put a massive contract on the table in the coming weeks, giving her the opportunity to return and prove him wrong once and for all.
“Obviously, there’s no certainty that she will decide to go for it, but it appears to be the closest right now to Cheryl returning to the X Factor family.”
Simon is however aware that he could have his work cut out for him after he essentially humiliated poor Chezza in front of the world two years ago.
The source continued:“It’s going to be tough sell for Simon after the humiliation she originally suffered, but if he plays it right, it could happen and it would be a viewer’s dream.
“Cheryl has been quite adamant that she doesn’t want to head back to the UK version of the show after leaving so getting a slot on the US one would be perfect.”
The X Factor USA hasn’t been the ratings smash that Simon Cowell had hoped for- garnering an average of 8.2 million viewers last series despite having Britney Spears on the panel.
The third series of the show looks set to change again with Britney and L.A Reid confirming their departure from the judges desk earlier this year.
Demi Lovato and Simon Cowell will be returning but whether Cheryl Cole will be joining them is another matter entirely.
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