The left back is out of contract this summer and set to leave Chelsea, and the Daily Mirror believe he will be talking to Madrid and PSG this week.
Both are managed by men Cole has worked with – Carlo Ancelotti and Jose Mourinho, although both have been linked with the other’s job of late.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.