Chelsea star Ashley Cole will reportedly become the best paid defender in football when he ends speculation about his immediate future by signing a contract extension with the club.

Cole's current deal is set to expire at the end of the season and the England international has been linked with a free transfer move to Paris Saint-Germain in the summer.

However, according to the Daily Mail, Cole has agreed to extend his contract by another season, and a new deal with £200,000-a-week will see the left-back's salary eclipse that of every other defender in the world.

Chelsea have reportedly been willing to offer Cole such a significant salary in order to give them more time to find a suitable replacement, and save them having to spend big in the summer in order to bring a successor to Stamford Bridge.

Cole had, it is claimed, also held talks with Real Madrid and Manchester United before Chelsea decided to succumb to the demands of the 32-year-old.

Like Cole, Frank Lampard's current contract will run out in July, but Chelsea appear unlikely to offer the veteran midfielder an opportunity to extend his stay at Stamford Bridge.

The 34-year-old scored the decisive goal as Chelsea beat Arsenal 2-1 on Sunday, and has reportedly agreed terms with LA Galaxy over a proposed move to the MLS.

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