The Sun reports that the Russian side are ready to offer Cole a £200,000-a-week contract.
The club, owned by billionaire Suleyman Kerimov, handed Samuel Eto’o a massive £350,000-a-week contract when the Cameroon international striker joined the club.
Cole’s current contract with Chelsea is set to expire at the end of next season.
Reports claim Cole could be tempted into signing a four-year contract with the Russian side.
