It has been reported that Sven Goran Eriksson made an offer to sign Cole, Shaun Wright-Phillips and Wayne Bridge from Chelsea in the summer in a sensational triple bid.
This offer was rejected by the Londoners, yet still Eriksson remains keen on Cole and the Swede is believed to be lining up an offer of £20million for the former West Ham United ace.
However, the England international remains a key member of the Blues side despite not starting a game for Jose Mourinho's men this season, and any offer is likely to be snubbed.