The Daily Star claims that Channel 5 bosses are planning to try to tempt Cole away from The X Factor, after Simon Cowell failed to confirm if she has landed a role on the US version of the competition.
Reports previously claimed that Channel 5 was close to signing a deal to see the reality show return, following the final series on Channel 4 last year. The paper suggests that the broadcaster is keen to secure a presenter with "major viewer appeal" to take over from Davina McCall.
"It really is true. Big Brother looks certain to return - bigger, brighter and more shocking than ever before," a source said. "As part of that deal we want to get a really big name involved as the host and they don't come any bigger than Cheryl.
"We're confident she can be tempted away from Simon with the offer of fronting the most-talked about show of the year. There is going to be a real buzz around Big Brother and we're confident she will want to be part of that deal."
Insiders have claimed that Cowell will be "absolutely furious" to learn of the plans: "Simon has teased everyone, including Cheryl, by delaying his announcement about the judges. It is now being delayed until the end of April. It would serve him right if Cheryl got fed up.
"It would be a major coup for the Big Brother show to land Cheryl and programme chiefs have been told to do all in their power to land her, whatever it takes."
Responding to a journalist on Twitter, Cole's representatives commented: "Surely [the Daily Star] should have waited a day till April 1."
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