Cheryl Cole could well be making a sensational X Factor comeback in 2014 – provided the price is right.

According to The Sun on Sunday the former Girls Aloud singer has been engaged in secret talks with Simon Cowell about returning to the panel next year.

However her involvement will not come cheap, with the paper suggesting she is demanding £1.2m for just one series.

A source described the talks between the pair as ‘significant’, and added: “They’ve fallen out in the past and this period of peace makes her return a matter of when, rather than if.”

Cheryl quit the UK X Factor in 2010 to join the panel of the US version of the show – but was replaced by Nicole Scherzinger after just four days of filming, damaging her relationship with Simon Cowell.

The mogul has hinted that he is ready to return to the UK show in 2014, amid indications that the US show – whose audience fell below 4m earlier this month – could be axed after the current series.

He also said earlier this week he was keen to secure the services of both Cheryl and Rita Ora – who was a guest on the panel in 2012.

“Cheryl and I patched up our differences a long time ago. I saw her recently, we speak a lot on the phone and text each other, and I think both of us would like the idea of working together again,” Simon admitted.

Meanwhile he described Rita as a ‘future star’.