Man Utd and Real Madrid chasing Chelsea star

England defender Ashley Cole is reportedly ready to walk out on Chelsea at the end of the season.

The Daily Mail reports that Cole has failed to agree terms on a new contract with the Blues.

Cole will not sign a one-year extension with the club and is ready to hold talks with clubs such as Real Madrid and Paris St Germain in January.

Manchester United boss Sir Alex Ferguson has also been alerted by the availability of Cole next summer.