However the Irish music mogul would prefer Nicole Scherzinger to stick around for another year.
Although the latest series of X Factor only just concluded, there are already rumours about the 2018 run.
With Cheryl being tipped to make a comeback, Louis says he would have no problem despite their long running feud.
He told The Sun newspaper: "If Cheryl comes back that’s fine.
"Look, we would agree to disagree on certain things but that’s what makes it good. We all get on.”
However Louis, who says he has already signed up for this year's show, wants Nicole to stay.
"Nicole is my favourite because of her work ethic," he explained. "She just gets into it and you never know what she’s going to say, do or wear.
“That’s why I love her because she brings a whole new energy to it.”
It's likely The X Factor judges for 2018 won't be confirmed for many months yet, so expect plenty more speculation.
But there is good news for Louis, as last year it was suggested that Cheryl could become a 'fifth judge' on the show.
Show boss Simon Cowell has teased a potential mega line up for what will be the 15th series.
"Nothing’s a done deal and I do like this panel. But the good news is that now more people want to do the show than before," Simon said. “Is Cheryl keen to come back? She is, yes — I guess she is.”
Simon told The Sun on Sunday newspaper: “In the past I’ve had to beg people to do the show, and it wasn’t always that easy. People would do it for a season, and say, ‘Right, I’m not coming back.’
“But now it’s easier to do the show, it’s much more fun.
“Maybe I’ll have five people on the panel.”
Cheryl first joined the show in 2008 before leaving in 2011 for the American version. The new mum then returned in 2014 before departing again in 2015.