The judging panel for ITV's biggest television programme this year will include Take That singer/songwriter Gary Barlow, N-Dubz singer Tulisa Contostavlos, Destiny's Child singer Kelly Rowland, and manager and last remaining original judge, Louis Walsh.
Cole is believed to have snubbed a plea from TV supremo Simon Cowell and ITV bosses for her to return to the UK show, although her advisers are understood to have demanded £2.5m for her to return, a million pounds more than she received last year.
However, ITV reportedly refused to match the fee and withdrew its offer to Cole on Sunday, before announcing its new panel of judges.
Gary Barlow said: "I'm extremely excited about working on 'The X Factor'. I've always been a fan of the show and always enjoyed performing on it too. My one goal is to find a global superstar. If I don't find one' I won't have done my job."
Walsh said: "I'm delighted to back for my eighth series of 'The X Factor', it's my favourite job in the world and I'm really excited this year to work with Gary Barlow and the rest of the new panel. I'm the last original judge standing and I'm determined to find an act that can win this year and show the others how it's done."
Cole was axed from the US version of 'The X Factor' last week. It is understood TV executives thought her accent would be too strong for its American audience.
Last week 'The X Factor' UK judge Dannii Minogue also announced she will not return to the show because of a clash with the filming of 'Australia's Got Talent'. Simon Cowell will also not return to the UK version but will instead concentrate on his role as judge on the US programme.