London-Cheryl Cole could be back on The X Factor panel for a mean sum of £2million - if Simon Cowell gets his own way.

Her return has been hotly rumoured for weeks now, with Cowell confirming they’ve been in talks and admitting he’d love her back on the panel next to him.

But now she’s been offered a big pay cheque - which is £500,000 more than her 2010 wage, she’s thought to be considering coming back to the show as it would double up as a great platform for her new music.

‘She wants to perform her new material on The X Factor and she knows it’s the best way to get her music heard,’ a source told the magazine. ‘Simon feels like The X Factor needs to turn a page, forget how bad it was last year and boost ratings again - he thinks he and Cheryl can do that.’

Cheryl quit the show in 2010 ready for the launch of the US version in 2011. But after just weeks she was ditched as a judge and vowed she’d never go back to Cowell’s franchise.

The music mogul is said to be trying to entice Chez with use of his private jet and copious funds for her TV wardrobe. But Si has previously admitted it’s never been about the money with her.

‘To be fair to Cheryl, it hasn’t been about the money with her. It’s about whether she wants to do it and whether she can handle the pressure, so I’m not quite sure yet [if she will come back].’

Last week Cheryl gave us her biggest hint yet that she’s contemplating a return when she posted a picture of her and Si on the panel from back in the day.