The Girls Aloud singer, who is currently working on the follow-up to her 2010 solo album Messy Little Raindrops, is said to have lined up collaborations with the two stars, as well as duets with Usher and Rihanna.
An insider told UK newspaper the Daily Star Sunday: 'Cheryl's album is finally coming together now and is sounding incredible. It's completely different to anything she's brought out before and has much more of an urban vibe to her previous pop-based stuff. There's a lot of heavy beats and it has a real old-school flavour to it.'
The source also revealed that the 28-year-old Geordie star, who is also rumoured to be working with French dance producer David Guetta on the new album, was also in talks with Minaj about a collaboration.
The insider added: 'There's one track in particular on her album, which [her manager] Will.i.am thinks would be perfect to have Nicki's vocals on.'
Earlier this month, Cole was spotted at a recording studio in New York with US music producer Alex Da Kid.