The music mogul famously fell out with Cheryl after she left the US version of The X Factor in 2011, with rumoured reasons including her having an accent that was difficult for American viewers to understand.
But according to Simon, the pair are now back on good terms and frequently text and call one another.
So perhaps our hopes of seeing Chezza by Simon's side on a future X Factor judging panel are not in vain after all!
Speaking to The Metro this week, the straight talking entrepreneur confirmed that he will indeed be returning to X Factor at some stage and the prospect of Cheryl joining him is not too far fetched.
He said: "'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."
This news comes after speculation that Simon is preparing to form a 'dream team' panel for the 2014 X Factor, which will apparently include himself, Cheryl and 22-year-old songstress Rita Ora.
And Simon has even admitted that he and Rita met up at his home recently, adding more fuel to the latest rumours.
We can't take the suspense!
However, Rita and Cheryl have both remained tight-lipped on their future plans, so we probably shouldn't get too excited just yet.
Current X Factor judges Gary Barlow, Sharon Osbourne and Louis Walsh have each confirmed that they will be quitting the show next year, while their co-star Nicole Scherzinger is yet to reveal whether she will be staying on.
Would you like to see Cheryl and Rita on the panel next year? Let us know below, as the best comment across the website each week wins £50!