The 'Call My Name' singer has apparently been reading EL James's BDSM book with her Girls Aloud bandmates after being given it by her mother.
"Just like the rest of the nation, Cheryl couldn't put it down," a source told The Sun. "She passed it around the girls having a good giggle over a lot of the parts.
"It's not doing much for Cheryl's current single status. They were joking how it's making her hot under the collar."
Cole is said to have started reading the book while in Las Vegas for her 29th birthday a few weeks ago.
Other celebrity fans of Fifty Shades include Emma Roberts, Natalie Cassidy and Peter Andre, who recently said that he would like to write a "bloke" version of the book.
Fifty Shades of Grey last month became the fastest adult paperback to sell one million copies.
The Social Network's Mike De Luca and Dana Brunetti were recently announced as producers of the much-discussed film adaptation.