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.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.