It follows reports that Simon Cowell has been subbed by both Rita Ora and Paloma Faith who have turned down the show, each for a second time.
Tulisa has been widely rumoured to be in the running for a spot on the panel this summer and admitted she'd love to return after a rather few rough years in the press.
“I understand with that show that for anyone doing it, it takes a lot of energy and you have to feel it and want to do it and you have to have that passion," she said. “The place I’m in now, I definitely have that back again, and [it’s] something that I would and could do.”
And according to Star magazine, Simon reckons pitching Cheryl against Tulisa could lead to top ratings.
The pair originally sat together on the X Factor final last year as Tulisa stepped in as a last-second replacement for Mel B.
A source said: "Cheryl and Tulisa are two of the most feisty women in pop.
"They're both opinionated and won't back down when it comes to their choice of artists.
"Simon knows Cheryl was a bit quiet on last year's show, but thinks Tulisa could be just the right person to spice things up."
It was reported earlier this month that Cheryl has agreed a £2 million deal to return alongside Simon who remains the only confirmed judge on the line up.
The show will hit screens on ITV in August.