And, we kind of hope it's true, even if they aren't dating!
According to the Daily Star, bookies have tipped Simon Cowell to sign up the One Direction star to join the panel.
Well it's not like the show's boss to miss an opportunity as good as this! As far as we can recall, it would be the first time a couple had appeared on a UK judging panel together...
We think the move would be great for ratings!
Fellow One Direction star Louis Tomlinson was previously tipped for a place on the judging panel after Nick Grimshaw confirmed he's quit.
Meanwhile, former judge Louis Walsh has suggested the pair might team up in the recording studio, too.
He told the newspaper: "I think Liam is really talented. He's a great songwriter. I think Liam will be good for Cheryl."
Rumours about the nature of Cheryl and Liam's relationship began last weekend, with Liam seeming to confirm the romance when he changed his Instagram profile picture to a cosy one of the pair.
Although he later removed the snap, Cheryl took to Instagram to share a photo of herself with a man's arm wrapped around her, but made sure to crop their face out of the picture.
The 'Crazy Stupid Love' star then shared another photo with three men (including Liam) and teased fans about who was her 'mystery man'.
Cheryl, you tease!
Fans figured it was Liam by the colour of his jumper, and he later confirmed their guesses by sharing a full selfie of himself and Cheryl to his own Instagram account.
In an even more confusing twist, Cheryl tweeted: "Number 1 Tip..! Always collect ALL your information and facts before forming an opinion!"
According to reports, he and Cheryl have been an item since December, following her alleged split from husband Jean-Bernard Fernandez-Versini.
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