The couple, who have been dating since December, are apparently wanted by producers of the Aussie version of the show.
The news comes after Cheryl quit the British series to focus on her music.
"I have had such an amazing experience being a judge on The X Factor. I have learnt so much and enjoyed nurturing talent but I’ve missed making music and am excited to be recording again," the Fight For This Love hitmaker said in a statement last week.
She added: “I want to thank everybody I have worked with along the way, especially Simon who I love to bits. I hope the show continues to produce stars and I wish them all the best.”
With that in mind it seems VERY unlikely that Cheryl would end up moving Down Under, but that's not going to stop TV execs from trying to persuade her.
"X Factor UK have given their blessing for the Aussie team to approach Cheryl," a source said this weekend.
The insider told the Daily Mirror newspaper: "They think having a Cheryl and Liam on the panel would be a great coup so are trying their best to entice them.
“It’s at the very early stages at the moment but who knows what could happen. But moving to Oz would be a huge step for Cheryl and Louis, especially so early in their relationship.”
Meanwhile it's been claimed today that Cheryl and Liam's romance is really moving along with the pair now living together in LA.
They're said to be enjoying life in a mansion that Liam bought with his earnings from One Direction.
“They are so happy together and head over heels," a source told The Sun. "It is definitely the real deal. In fact I wouldn’t be surprised if Cheryl had her first child with Liam.”