He even headed into a London recording studio with Lloyd after the show - in which she finished fourth - to work on a track, later telling fans on Twitter.com the song would be a "mega smasher".
But it appears Jay-Z has seen off competition from the Boom Boom Pow hitmaker to get Lloyd's signature on a contract - she has joined the rap mogul's Roc Nation management company, according to Britain's The Sun.
A source tells the newspaper, "Even though Cher didn't do terrifically well in The X Factor finals, there's been a hell of a lot of interest in her. Will.i.am's backing only intensified the battle to get her signature.
"After weighing up the pros and cons, it was thought that the team at Roc Nation would be best placed to turn her dreams of stardom into a reality."