Cole has already received approaches from eight other clubs, from the Premier League and overseas, and Monaco are set to compete with Real Madrid in a wages war to secure the former England international on a free transfer.
The 33-year-old has not completely dismissed the prospect of staying at Chelsea, with his contract expiring at Stamford Bridge at the end of next month, though the chances of him staying are thought to be remote.
Chelsea are offering only a 12-month deal on reduced terms so it seems more likely that Cole will pursue one final move before bringing down the curtain on his career, with Monaco understood to be keen on offering him a fresh start in France.
The super-rich Ligue 1 club, who are searching for a new head coach after former Chelsea manager Claudio Ranieri’s departure on Tuesday, are interested in Cole and will offer a mammoth tax-free salary. Backed by Russian billionaire Dmitry Rybolovlev, Monaco could conceivably offer even better wages than Madrid.
Liverpool and Manchester City have also made tentative inquiries about the defender while Inter Milan could also come into the equation.
Cole has gone away on holiday in California to decide his next move but has made it clear that playing in the Major League Soccer in America is not an option.
He is still convinced he can perform at the highest level and the chase to sign the free agent is likely to intensify over this summer.
Last season proved frustrating for Cole, after losing his place to Cesar Azpilicueta and making only 15 Premier League starts under Jose Mourinho, but he will be highly sought after and could seek a two-year deal.
He tweeted: “Now I’ll be looking for another journey in my life. I hope it can be like my others, full of fun and of course win something.
“I am weighing up my options for playing next season with my agent. Sadly, it does not look like Chelsea will be one of them.” Cole announced his retirement from international football last week after he was told he would not be included in Roy Hodgson’s squad for the World Cup.
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