The singer has kept herself away from TV after being sacked on the US 'X Factor' last year.
Cole has been offered the new job by Sky1, the Daily Star reported.
"Sky1 are desperate to get Cheryl to sign up. They've been in talks for a while and believe they will have wrapped up the deal within the next month.
"They think she could be the UK's Oprah because of her reputation as the nation's sweetheart and are willing to pay big bucks to get her on board. They want the show to be emotional and confessional, not just another run-of-the-mill celebrity show," a source told the newspaper.
Cole was axed from the US X Factor by show boss Simon Cowell after just four rounds of auditions. Ironically, it was Cowell, who had taken the singer to the US.
She, however, made a brief return to the ITV1 show earlier this year when she accompanied Gary Barlow at the judges' houses stage of the competition.
Cole later said that the appearance was not for Cowell but for friend Barlow.