The defender, who has been frozen out by manager Jose Mourinho this season, has been linked with a move to the MLS.
Former Arsenal team-mate Thierry Henry is said to be encouraging Cole to join him at the New York Red Bulls.
Warming the bench: Ashley Cole has lost his place in the team, but Jose Mourinho insists he has a future
Yellow peril: Cole with Arsenal team-mate Thierry Henry in 2004 (right), has lost his place to Cesar Azpilicueta
Cole has lost his place in the side this term with Mourinho opting for Cesar Azpilicueta instead.The Spanish full-back played in Chelsea’s crunch 1-0 victory at City on Monday with Cole again forced to watch on from the substitutes' bench.
Afterwards Mourinho claimed City were favourites to win the Premier League, and on Friday he re-iterated his stance.
‘I'm not saying we're not going to win. I'm saying we are candidates, we're outsiders,’ Mourinho said.
Speaking his mind: Jose Mourinho at Chelsea' pre-match press conference on Friday
‘We are different. We are beginning. Of course we dream to win the Premier League and if we have the chance to win we're not going to say we don't want to but we don't have the same responsibilities.’
Mourinho said new signing Mohamed Salah would make his debut on Saturday after joining from Basle in the January transfer window. Fernando Torres will miss out, however, as Mourinho is not prepared to risk the striker who has been out of action for three weeks with a knee injury.
‘He is almost there but not there,’ Mourinho said. ‘If it was the last game of the season I'd say “let's go and do it” but there's no point to risk him now.
‘It's not the moment to lose players, it's the moment to try to have them all. Tuesday at West Brom is a better possibility.’
Fernando Torres is put through his paces on Friday afternoon, but is unlikely to feature against Newcastle
All smiles: John Terry and David Luiz celebrate Chelsea's victory at Manchester City on Monday night
‘Cabaye is one of the best midfielders we had in the Premier League and they did not replace him,’ Mourinho said.
‘But they have a good team and they know they can beat us. Alan Pardew is a good coach and I think it's a difficult game.’