Chelsea legends Ashley Cole and Frank Lampard won’t be offered new long-term contract to remain at Stamford Bridge – with Chelsea owner Roman Abramovich prepared to let both players leave on a free transfer if needs be.

The pair have been plying their trade at Stamford Bridge for a combined 17 years and have won numerous trophies, however both are in the final year of their current deals and are yet to agree contract extensions.

Lampard, 34 and Cole, 31, are believed to be holding out for contracts that will ensure their place at Chelsea for more than a year, something the club are reluctant to do.

Cole has been recently linked with a move to Paris Saint-Germain, with the Ligue 1 side’s current manager Carlo Ancelotti, also a former Chelsea boss, describing the left back as one of the best in the world in his potision recently.

Lampard meanwhile is reportedly a target for a host of MLS clubs – including David Beckham’s LA Galaxy - although he has previously insisted he would like to finish his career at Chelsea football club.

Reports yesterday also claimed the Chelsea icon is a transfer target for two Chinese clubs, including Shanghai Shenhua, where signed ex-Blues striker Didier Drogba over the summer.

Now according to the Sun, both Lampard and Cole will be treated in a similar way to Drogba, who was given a ‘take it or leave it’ offer by Chelsea, which was believed to be a one-year extension.

The Sun quote a source at Chelsea as saying: “Frank and Ashley are still very important to Chelsea but if they stay it will only be on the club’s terms.

“Didier held out for more than one year last season and was given a take-it-or-leave-it offer.

“The owner has made it clear the same will apply to Frank and Ashley.”

This summer the west London club embarked on a lavish spending spree in order to reduce the average age of the squad, with the likes of Oscar, Eden Hazard and Marko Marin all signing while Drogba, Solomon Kalou and Jose Bosingwa all left.

In other Chelsea transfer news today, Cole has been linked with a move to AC Milan.

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