Real Madrid are close to signing Chelsea defender Ashley Cole in a deal worth around £8 million, according to reports.

Cole’s future at Chelsea has been the subject speculation for some time now with his current deal at Stamford Bridge set to expire at the end of the season.

Chelsea are believed to be only willing to offer him a one-year contract extension to keep him in west London, however the England international is seeking a more long-term commitment.

That stand-off has reportedly prompted Cole to tell his employers that he is willing to leave the club, with Paris Saint-Germain and Real Madrid amongst his suitors.

PSG boss Carlo Ancelotti, who guided Chelsea to the double during his two year spell at Stamford Bridge, has been vocal in his admiration for Cole recently – however it appears as though Real Madrid could be closest to getting their man.

According to Mundo Deportivo, Madrid are offering €10 million to take Cole in January, a tempting offer for Chelsea given that the 31-year-old can leave for free in the summer.

Madrid are said to be in the market for a full-back and coach Jose Mourinho is keen to link up once more with Cole, who is also likely to be eager to with the former Chelsea boss who took him to Stamford Bridge in 2006 once more.

Cole could be the first of Chelsea’s old guard to leave in the coming months, with Frank Lampard and even captain John Terry not assured of their future at the club.

Chinese outfit Guizhou Renhe recently claimed they were in talks to take Lampard from Stamford Bridge, while Chelsea boss Roberto di Matteo insisted earlier this month that Terry wasn’t guaranteed of a starting place any more.

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