The X Factor judge had tea with the 62-year-old Prince at Clarence House yesterday where they discussed plans for their new venture.
Cheryl is keen to provide disadvantaged young people in her home town of Newcastle with support from the Prince’s Trust.
She said: “I have always been a great admirer of the work of the Prince’s Trust with disadvantaged young people across the UK. It’s the perfect charity for my foundation to support.
“Too many young people grow up thinking no one cares and don’t believe they can make anything of themselves.
“They have so much potential – but can go off the rails without the right care and support. I want my foundation to help them realise their potential and get their lives on track.”
A palace insider told The Daily Mail: “They got on well and had plenty to discuss.”
Prince Charles founded his charity in 1976 to help needy young people who had been out of work, education or who had turned to crime.
It offers them grants to start up enterprises or return to education and training.
Chief Executive Martina Milburn said: “The recent recession has made the work of the Prince’s Trust more relevant than ever, with the number of unemployed young people currently at a record high.
“Support for the Cheryl Cole foundation and the Prince’s Trust will help disadvantaged and unemployed young people get their lives on track at this difficult time.”