The 33-year-old left-back, who is out of contract this summer, said on Twitter: "I am weighing up my options for playing next season with my agent and sadly it does not look like chelsea will be one of them.
"Thank u Chelsea FC for making my 8 years there a pleasure to work all the staff and players, we've been through a lot, good and bad.
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Cole won every major trophy possible during his eight years at Chelsea
"And of course the fans, how do I start, I can only say thank u for giving the boys confidence to win some amazing trophies, and once again.
"And now I'll be looking for another journey in my life hope it can be like my others full of fun and of course WIN something."
The former Arsenal defender made just 17 Premier League appearances, his lowest total in a single campaign for Chelsea, and was in tears after the final home game of the season, which now looks certain to have been his Stamford Bridge farewell.
Cole was one of a trio of seasoned Chelsea players out of contract in the summer, along with Frank Lampard and John Terry, but captain Terry has since signed a one-year extension.
The future of Lampard, who will be 36 next month, is still undecided, with the midfielder's immediate focus on England and the World Cup.
Ashley Cole's England career
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First call-up, February 2001
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Struck down by a missile as England celebrate Andy Cole's first international goal in Albania, March 2001
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Chasing Steven Gerrard after he puts England 2-1 up in the 5-1, September 2001
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Lining up in a World Cup for the first time against Sweden, June 2002
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Letting Ariel Ortega know he's around
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A claustrophobic warmdown in Japan
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Losing out to Brazil in the first of four last four eliminations with England
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Holding firm in Istanbul as England qualify for Euro 2004, November 2003
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Thrown away: Leading 1-0 in the 90th minute, England lose their opening Euro 2004 game to France
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Handling Ronaldo in the quarters
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Scoring in the shootout, but England of course lost
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Clashing with Spain coach Luis Aragones, a week after he aired a racial slur about Thierry Henry
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'Who did that? They can't do that to Jay Tee...'
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Attention
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With Sven
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Bromance with Becks
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Celebrating England's opener against Paraguay at the 2006 World Cup
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Powerless to prevent Allback's equaliser
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A crucial block at 0-0 in the last 16 tie with Ecuador
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Celebrating with Beckham after he becomes the first England international to score at three World Cups, 2006
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Coach no.2, Steve
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Bearing the brunt of the boo boys against Kazakhstan at Wembley, October 2008
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Coach no.3, Fabio
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The start of a third World Cup, vs USA in South Africa 2010
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Getting heated in Bloemfontein...
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As England crash out spectacularly to Germany
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Keeping tabs on Bale, September 2011
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Coach no.4, Roy
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Starting in a second European Championship
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Thwarted by Buffon
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Loneliness...
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Elimination
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England manager Roy Hodgson applauds as England defender Ashley Cole is presented with a golden cap in recognition of 100 caps for the national team before kick-off of the international friendly football match between England and Republic of Ireland at Wembley Stadium in north London on May 29, 2013. AFP PHOTO / ADRIAN DENNISNOT FOR MARKETING OR ADVERTISING USE / RESTRICTED TO EDITORIAL USE (Photo credit should read ADRIAN DENNIS/AFP/Getty Images) (credit:Getty Images)
England Training Session and Press Conference(34 of34)
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BURTON-UPON-TRENT, ENGLAND - FEBRUARY 04: Ashley Cole of England poses with a shirt to celebrate reaching 100 caps in Wednesday's friendly international against Brazil at Wembley, following an Engand training session at St Georges Park on February 4, 2013 in Burton-upon-Trent, England. (Photo by Michael Regan/Getty Images) (credit:Getty Images)
One of the most decorated English footballers this century, Cole won one Premier League title, four FA Cups, the League Cup, the Champions League and the Europa League with Chelsea, adding to his two championships and three FA Cups with Arsenal.
He attained 107 caps with England and will not be short of suitors. Both Manchester City and Manchester United have already been linked with moves for the left-back.