One of the best players available on a free transfer in European football, despite a largely forgettable season at Stamford Bridge, Cole demonstrated against Atlético Madrid and Liverpool he is still one of the best left-backs in the continent.
Handily, for the former England international, plenty of clubs need a left-back at home and abroad. Here are five potential destinations...
LIVERPOOL
The manner of Liverpool's catastrophic capitulation at Crystal Palace two weeks ago re-emphasised for the umpteenth time their defensive naivety. José Enrique is injured and unfancied by Brendan Rodgers, while the impressive Jon Flanagan is - like César Azpilicueta - a right-back by trade. Cole would give Liverpool experience, a title-winning mentality and security and will know Rodgers from his coaching stint at Chelsea.
MANCHESTER CITY
Aleksandar Kolarov has improved this season at Eastlands however there remain doubts over whether he is solid enough defensively. Gaël Clichy has regressed since his move to Manchester in 2011 and as the club target a first-ever Champions League win, there are fewer full-backs better than Cole to have in the XI for knockout football.
MANCHESTER UNITED
Rio Ferdinand's departure and Louis van Gaal's arrival would make a move to Manchester tolerable for Cole. Ferdinand's friendship with Cole broke down after his former international teammate gave evidence which "evolved" into a defence of Chelsea skipper John Terry, accused of racially abusing Ferdinand's brother, Anton.
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Cole was excellent in the prosaic 0-0 draw at Old Trafford in August last year
United have needed a stellar left-back for at least two years, and Patrice Evra is also out of contract on 30 June. United are confident of signing Luke Shaw, though, and it is unlikely Cole will countenance such fierce competition at club level again, let alone against the man who ended his England career.
INTERNAZIONALE
Inter have been linked with a move for Evra for months but Cole is a superior alternative. They have already acquired Nemanja Vidić and although Cole is also in his 30s, both are capable of thriving in the chess-like Serie A. Whether Cole would relish moving to a side still nursing a hangover from their 2010 treble triumph is another matter.
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Cole worked under Ancelotti for two seasons at Chelsea
REAL MADRID
Cole won his only Premier League title with Chelsea under Madrid coach Carlo Ancelotti. Madrid have two capable left-backs in Marcelo and Fabio Coentrão, yet the latter almost joined Manchester United last year and Marcelo, being a Brazilian full-back, is a defensive liability. Madrid would probably have not considered poaching Cole if they had to pay a fee, which makes his availability attractive.
Ashley Cole's trophies
SL Benfica v Chelsea FC - UEFA Europa League Final(01 of10)
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AMSTERDAM, NETHERLANDS - MAY 15: Ashley Cole of Chelsea celebrates with the trophy during the UEFA Europa League Final between SL Benfica and Chelsea FC at Amsterdam Arena on May 15, 2013 in Amsterdam, Netherlands. (Photo by Michael Regan/Getty Images) (credit:Getty Images)
Chelsea's British defender Ryan Bertrand(02 of10)
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Chelsea's British defender Ryan Bertrand (L) and Chelsea's English defender Ashley Cole pose with the trophy after the UEFA Champions League final football match between FC Bayern Muenchen and Chelsea FC on May 19, 2012 at the Fussball Arena stadium in Munich. Chelsea won 4-3 in the penalty phase. AFP PHOTO / CHRISTOF STACHE (Photo credit should read CHRISTOF STACHE/AFP/GettyImages) (credit:Getty Images)
Chelsea's English defender Ashley Cole c(03 of10)
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Chelsea's English defender Ashley Cole celebrates on the pitch with the trophy after Chelsea's 2-1 win in the FA Cup final football match between Liverpool and Chelsea at Wembley Stadium in London, England on May 5, 2012. AFP PHOTO/GLYN KIRK NOT FOR MARKETING OR ADVERTISING USE / RESTRICTED TO EDITORIAL USE (Photo credit should read GLYN KIRK/AFP/GettyImages) (credit:Getty Images)
Chelsea v Portsmouth - FA Cup Final(04 of10)
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LONDON, ENGLAND - MAY 15: (L-R) Ashley Cole, John Terry, Florent Malouda and Frank Lampard of Chelsea lead the celebrations after winning the FA Cup sponsored by E.ON Final match between Chelsea and Portsmouth at Wembley Stadium on May 15, 2010 in London, England. (Photo by Shaun Botterill/Getty Images) (credit:Getty Images)
Chelsea v Wigan Athletic - Premier League(05 of10)
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LONDON, ENGLAND - MAY 09: Ashley Cole of Chelsea celebrates with the trophy as they win the title after the Barclays Premier League match between Chelsea and Wigan Athletic at Stamford Bridge on May 9, 2010 in London, England. Chelsea won 8-0 to win the championship. (Photo by Shaun Botterill/Getty Images) (credit:Getty Images)
Chelsea v Everton - FA Cup Final(06 of10)
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LONDON, ENGLAND - MAY 30: Ashley Cole of Chelsea lifts the trophy after winning his fifth medal during the FA Cup sponsored by E.ON Final match between Chelsea and Everton at Wembley Stadium on May 30, 2009 in London, England. (Photo by Alex Livesey/Getty Images) (credit:Getty Images)
Soccer - FA Cup - Final - Chelsea v Manchester United - Wembley Stadium(07 of10)
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Chelsea's Ashley Cole celebrates with the FA Cup Trophy after winning the FA Cup Final (credit:PA)
BRITAIN SOCCER FA CUP(08 of10)
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Arsenal's Ashley Cole is seen in this combo photo showing the top of the trophy falling off and rubbing his head afterwards during the victory lap after the FA Cup Final at the Millennium Stadium in Cardiff, Wales Saturday May 21, 2005. Arsenal won the match 5-4 on penalties following a 0-0 draw after extra time. (AP Photo/Alastair Grant) (credit:PA)
Soccer - FA Barclaycard Premiership - Arsenal v Leicester City(09 of10)
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Arsenal's Ashley Cole and Gael Clichy celebrate with the Premiership trophy (credit:PA)
Soccer - AXA FA Cup Final - Arsenal v Chelsea(10 of10)
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Arsenal's Ashley Cole (l) and Patrick Vieira celebrate beating Chelsea with the FA Cup trophy (credit:PA)