The England defender is in the final year of his contract and in January could join another club for FREE.
A club insider said: “Mr Abramovich has a rule that anyone over 30 can only be given a one-year extension but it’s madness in Ashley’s case.
“Everyone knows he’s the best left-back in the world.
“He trains hard, really looks after himself and can play at this level for many more years to come. There isn’t a club in the world who wouldn’t want Ashley on a free.”
Cole, 31, famously left Arsenal in 2006 after claiming he almost ‘crashed his car’ when the Gunners only offered him £55,000 per week.
Now Cole — who is out of England’s game tomorrow in Moldova with an ankle injury — has another contract battle on his hands.
Real Madrid boss Jose Mourinho is a huge admirer of his former player and if Cole does quit Paris St Germain and Zenit St Petersburg would offer mega-money deals.
Cole was willing to see out his career at Stamford Bridge so this has stunned insiders.
And last night there was further evidence that Chelsea are ready to lose Cole when his understudy Ryan Bertrand signed a new five-year contract.
Bertrand, 23, has been rewarded for his progress.
He became the first man ever to make his Champions League debut in the final itself in May and made his England last month against Italy.
Another player whose Blues days are numbered is Florent Malouda who has been ordered to train with the kids.
The French winger, 32, tweeted a picture of the club’s Under-21 academy and said: “This is where I’ll train for my last season with the Blues!!!”
