Full back will be a free agent as of July 1.
La Liga giants Real Madrid have offered departing Chelsea left-back Ashley Cole a bumper two-year deal worth a whopping £10m in order to move to the Santiago Bernabeu next season, according to reports in the Metro.
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The experienced former England international announced on Tuesday that he would be leaving the west London club when his contracted expired at Stamford Bridge at the end of June.
And it is now believed that the 33-year-old is already in receipt of as many as eight tempting offers for the new campaign, one of which has come from his old manager in the Spanish capital Carlo Ancelotti.
The Italian has been in charge of Los Blancos now since last summer and with Portugal international Fabio Coentrao set to leave Madrid this summer, Ancelotti and Real will be in need of more cover on the left-hand side of their back four next season, with Cole the man they want to fill that void.
Cole played 338 matches in all competitions for the Blues in an eight-year period in west London.