Cole is set to want a much longer deal and believes that his performances during his time at Stamford Bridge deserve this.
The news that the England international is unhappy is likely to trigger interest from a number of big clubs around Europe and they will know that if he does not sign a new deal, then could become a free transfer.
The 31-year-old would have plenty of offers should he leave Chelsea and it is likely that Jose Mourinho, the man who signed him for the Blues will do all he can to bring him to Real Madrid.
Ligue 1 big spenders Paris St Germain are also keen to secure his services, along with Manchester City.
Cole’s understudy Ryan Bertrand penned a new five-year-deal earlier in the week, so the former Arsenal man is understandably disappointed.
It is though that Roman Abramovich has a policy where he will only offer players over 30-years-old a year’s extension on their contract. However, Ashley Cole is regarded by many as the best left-back in the world so the Chelsea owner may have to break his own rules to keep him at the club.