The pair became friends after the X Factor judge toured with the R&B group earlier this year, and Fergie said that Cole is going to "rule the world".
Fergie said: "She is such a good friend. But I don't think she has quite got her head around how big she is going to be.
"My girl really can rule the world. I have already heard crazy things like Robert De Niro wants to make movies with her and that Jay-Z wants to work with her."
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The 35-year-old singer, who is married to Josh Duhamel, said that Cole has the potential to be as big as artists like Madonna and Mariah Carey.
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She said: "Within five years we could be talking about Cheryl on the same level as we do Madonna or Mariah Carey."
Do you think that Cheryl Cole has the same talent as Mariah Carey or Madonna?