The friends fell out massively in 2011 after Cowell unceremoniously sacked the Girls Aloud singer from the American version of the talent show after the audience couldn't understand her Geordie accent.
So much so in fact - it was reported that Cole was suing Simon for £3.5 million over the sacking. The pair have apparently settled out of court - so could this be less of an olive branch and more of a negotiated settlement?
The Mirror reports a source told them, "Simon wants Cheryl to join him on the judging panel again. He regards the two of them as the dream team."
"The years they did the show together were hugely successful and Simon thinks that they could have an amazing comeback together," the continued.
But do you want her back? Vote please. You know you want to.
Do you want to see Cheryl Cole back on X Factor?
Yes please. I love Chezza.Yes, but only if it doesn't mean losing Nicole Scherzinger. No - she broke my heart leaving. Those days have gone. No - but I wouldn't mind Simon Cowell back. I only watch Strictly.
Yes please. I love Chezza.46.67%
Yes, but only if it doesn't mean losing Nicole Scherzinger. 26.67%
No - she broke my heart leaving. Those days have gone. 5.33%
No - but I wouldn't mind Simon Cowell back. 13.33%
I only watch Strictly. 8.00%
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