The 20-year-old has signed a contract with Geordie Cole's label Universal just days after winning the singing competition.
Joe was dropped by Simon Cowell's label Syco after just one album.
A source told British newspaper The Sun: 'Joe is thrilled. It looked like he was on the scrapheap but Cheryl has come to his rescue and put in a word reminding bosses what a big talent he is.'
The 28-year-old Promise This singer has cut all ties with music mogul Cowell, 51, after he failed to secure her place on the judging panel of the US X Factor.
Universal is one of Sony BMG and Syco's biggest rivals.
The source added: 'Joe and Cheryl have always had a bond and they keep in touch.
'They both know what it's like to be ditched by Simon Cowell but are determined to make it on their own and show him what they're capable of.'
McElderry's album is set to be released on August 22.