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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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?