The 31 year old England international is understood to have withdrawn from contract talks with the Blues after disagreements over the time period. The former Arsenal defender feels he merits a longer offer than the one-year extension on the table. Unfortunately for him, the reigning European champions' new policy of offering players over 30 short-term deals looks to be a deal-breaker.
PSG's sporting director, Leonardo, spoke to French newspaper Le Parisien, confirming that Cole was not a transfer target and would not arrive at the Parc des Princes either in January or next summer. The news comes after reports from the Metro suggested the Paris club would tempt Cole with £150,000 three year deal.
Cole has been linked with a number of to clubs since news of his contract stand-off with Chelsea officials came to light, including Spanish champions Real Madrid.
Jose Mourinho's side do have Brazilian Marcelo and Portuguese Fabio Coentrao to fill the left back slot but unfortunately both players suffered injuries in the international break, with Marcelo being ruled out for three months. Cole could be a viable option for Mourinho, given the former Inter Milan manager was instrumental in bringing him to Stamford Bridge in the first place.
The defender was also linked, albeit circumspectly, with what would be a shocking move to Chelsea's title rivals Manchester United. Sir Alex Ferguson did admit earlier in the summer he needed to sign a long-term replacement for first choice left back Patrice Evra, who is 31, but that long-term signing will obviously not be Cole. United did sign Dutch youngster Alexander Buttner in the summer but the 23 year old is not yet ready for the Red Devils' first team.
Finally, the Daily Mail reports United's cross-town rivals, Manchester City could be ready to rival Ferguson for Cole's signature. Roberto Mancini does have French international Gael Clichy as first choice left back but could look to Cole to provide competition and cover as the English champions look to balance demands from a title defence and an assault on the Champions League.
The Daily Mail also reports there are concerns over the player's fitness levels, although Cole himself has dismissed these. It seems the English international with 99 caps, needs to bathe his ankles in ice after every game and has specially designed training schedules.