The Blues left-back's future has been uncertain for the majority of the season after he lost his place to Cesar Azpilicueta, and Cole was reduced to tears after the final home game of the season against Norwich City.
Alongside teammates John Terry, Frank Lampard and Petr Cech, Cole looked to have been overwhelmed by some end-of-season formalities on the pitch, which only increased speculation he had played his last game at Stamford Bridge.
Liverpool and Real Madrid are reportedly monitoring the situation, and it now appears as though the England centurion will leave the club once the transfer window opens, after failing to secure a new contract.
He tweeted: "I am weighing up my options for playing next season with my agent and sadly it does not look like chelsea will be one of them.
"Thank u Chelsea FC for making my 8 years there a pleasure to work all the staff and players, we've been through a lot, good and bad
"And of course the fans, how do I start, I can only say thank u for giving the boys confidence to win some amazing trophies, and once again
"And now I'll be looking for another journey in my life hope it can be like my others full of fun and of course WIN something"
Cole also recently announced his retirement from international football after he was overlooked in favour of Luke Shaw and Leighton Baines by manager Roy Hodgson for his World Cup squad.
The 33-year-old is expected to continue on in club football, however, and there is likely to be no shortage of suitors for one of the most decorated players in English football.
Cole has won four Premier League titles, seven FA Cups, one League Cup and the 2012 Champions League.