The Daily Mirror reported last week that X Factor boss Simon Cowell was keen to tempt Cheryl back to the show and pinch Will.i.am from [cat]The Voice UK[/cat] in a overhaul to next year's panel.
An insider told the paper at the weekend: “We need to do something dramatic and this would be a coup. It would give us the best judging line-up in X Factor history.
“One of the problems this year has been the judges so that’s what we need to address. Will would be the best person on the planet to persuade Cheryl that one last hurrah could be fun. Though we realise it would be expensive.”
But Cheryl laughed off of the rumours today.
"If it says it in the newspaper it must be happening," she joked.
And on the tabloids claims of a £2 million fee for her, Cheryl added: "For £2 million? We'll having a conversation about that one!"
Meanwhile Cheryl also waded into the weekend's X Factor controversy, admitting it was a "shame" that Carolynne Poole had been sent home.
Carolynne, who Cheryl had helped to choose at this year's judges' houses with Gary, tweeted her: "@CherylCole Thanks for the kind words tonight"
But Cheryl defended Louis Walsh, and insisted that the judges weren't told who to vote for.
"Nobody ever, ever told us. They know better, they would've got one of those F*** you messages," she said.
The X Factor 2012 continues tonight at 8:20PM on ITV1.
This weekend will see the remaining contestants singing tracks with a love and heartbreak theme before the public vote once again, and one more act is eliminated on Sunday night's second results show.
Sunday's show will also feature performances from US country star Taylor Swift and former X Factor star Rebecca Ferguson.