The 32-year-old signed a one-year contract extension in January, but that deal is set to expire at the end of the current season.
Cole has revealed that he is keen to end his career at Chelsea.
"I signed an extension at the start of the year and so have this year left," Cole told The Sun.
"However, that will be up at the end of the season.
"I hope to stay for longer.
"I have had a great time here, a great career here and, of course, I'd love to stay if they still want me.
"There is going to be a time when they will have to replace me.
"I have Ryan Bertrand in my place and one day I'm going to want to watch him play, so the time will come when I will finish my career."