AC Milan are reportedly monitoring the situation of Chelsea star Ashley Cole, and the Italian giants are ready to approach the defender with a contract offer in the New Year.

Cole is out of contract with Chelsea next summer and, with his future at Stamford Bridge in doubt, Milan are seemingly prepared to offer the 31-year-old a path to Italy.

According to Sportmediaset, which is owned by the Berlusconi family, AC Milan are following Cole's contract negotiations with Chelsea with a view to swooping come February.

With Cole's deal set to expire in 2013, he is free to talk to other European clubs in the New Year with a view to joining them during the summer transfer window.

Cole has reportedly only been offered a one-year extension by Chelsea and is now prepared to further his career elsewhere after six years playing for the west London club.

The England international has been linked with moves to both Manchester United and Real Madrid, while former Chelsea manager Carlo Ancelotti is reported to be keen to bring Cole to Paris.

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