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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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.