City’s billionaire Arab owners are trying to explout Chelsea’s financial situation.
City are willing to offer Cole a £130,000-a-week contract. The 27-year-old has currently 2 1/2 years left on a £82,000-a-week deal with the Blues.
According to FIFA rules Cole have the chance to ‘buy out’ his contract next summer.
City are also expected to make a move for Portsmouth midfield star Lassana Diarra in January.
A senior City source told the Sun: “The owners agreed to strengthen the team in January. The Diarra deal is almost done and Cole is very interesting.”