Nicole Scherzinger & Cheryl Cole Rumored to be Joining Simon Cowell on The X Factor

Nicole Scherzinger and Cheryl Cole are set to sign multi-million dollar contracts for the American version of X Factor.

The Pussycat Dolls singer and the British pop star – who is currently a judge on the British version of the reality TV contest – are set to team up with music mogul Simon Cowell as he launches the singing competition in the US.

It is believed Cheryl is preparing to quit her role on the panel of the British version to make her move to Los Angeles permanently.

A source told Britain's Daily Mail newspaper: "I would say it’s a good bet that Cheryl is coming to America. It’s something that Simon and Cheryl have been discussing for months. You know, it’s a very exciting prospect for everyone involved to have Cheryl on board."

Nicole is also rumored to be preparing to sign a huge contract to sit alongside Simon on the panel, after impressing him during her guest appearance on the UK show – where she stood in for judge Dannii Minogue while she was on maternity leave, and Cheryl while she recovered from malaria.

The New York Post reports: "Sources tell us sultry Scherzinger is a favorite with Cowell after she made a guest appearance as a judge on the hit British version of the show this year."

Cheryl has been spending a lot of time in Los Angeles over the past few months, after growing close to 'Dancing With The Stars' hunk Derek Hough – who she is believed to have been dating since she split from her soon-to-be ex-husband Ashley Cole earlier this year and is looking forward to starting a new life overseas.

The source said: "When Cheryl goes to America she will also launch her music career there too. It’s the next part of her big plan, she’s an incredibly hard worker and she will definitely get a boost by appearing on 'The X Factor', which is set to be a sure-fire hit.

"'The X Factor' will be off air in the UK next year and by the time it returns in January 2012, it is highly unlikely that Cheryl will return.

"Cheryl loves Los Angeles and this is extremely exciting. It is all part of a fresh new start for her."

The US version of The X Factor will premiere next Fall on FOX.