Reports yesterday revealed that Cole could leave Stamford Bridge after failing to negotiate an extension to his contract which runs out at the end of the season.
Chelsea reportedly offered the Cole a one-year deal, in contrast to the multi-year deal the England international was seeking.
The stand-off mirrors the situation which saw Didier Drogba leave the club over the summer after eight years of service in west London.
That has led to rumours linking Cole with a transfer away from Chelsea in the summer – he is able to start negotiations with another club in January – with PSG, Manchester United and Real Madrid said to be in interested.
However the Daily Mail reports that the Ligue 1 side are preparing to make Chelsea and Cole a big-money offer in January in an attempt to lure him to France before the end of the season.
The package would see Cole take home around £150,000-per-week were he to complete a move to Paris.
PSG coach Carlo Ancelotti, who took charge at Chelsea for two years and won the Premier League title in 2010, has previously expressed his admiration for the full-back, describing him as the best in the world in his position.
According to the Mail, Cole could be allowed to leave Chelsea in January if manager Roberto di Matteo is ready to place his trust in youngster Ryan Bertrand, the 31-year-old’s understudy.
A move in the winter window would come as something of a surprise given his availability on a free transfer over the summer, but Cole’s contract trouble is a clear sign of the old guard being moved on at Stamford Bridge.
Along with Drogba and potentially Cole, Frank Lampard could be offered a take-it-or-leave-it one year deal to stay at Stamford Bridge, or else consider a move abroad, most likely to America.
Owner Roman Abramovich has reinforced his policy regarding players the wrong side of 30 by snapping up a host of talented youngsters over the summer, including Oscar, Eden Hazard Marko Marin and Victor Moses.