Cole had been linked with a move to Real Madrid or Paris St Germain, but this weekend a breakthrough appears to have been reached with Chelsea.
“I’m really pleased. The paperwork has to be done but the agreement is there,” Benitez told the club’s website.
“We are happy and he is happy.”
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.