As an alternative to the Manchester City star he also suggests Harry Kane and Karim Benzema.
Louis van Gaal’s side are expected to be busy in this transfer window as the Dutchman looks to revamp his squad ahead of his second Premier League season and a return to the Champions League.
They have already completed the signing of highly-rated Dutch youngster Memphis Depay to bolster their forward ranks but are thought to be looking for more forward options, and Cole believes they should make an audacious bid for Sergio Aguero.
“If I was being cheeky, I would say I’d give City £60m for Sergio Aguero,” he said.
“Because Aguero, fit, is the best centre forward in the Premier League. Fit, firing, he’s unbelievable. You can imagine him playing alongside Wayne Rooney. It wouldn’t be bad would it?”
While a move for Aguero remains unlikely given the fierce rivalry between both clubs, there are several other options for Manchester United to pursue.
Already they have been linked with Tottenham star Harry Kane by Sky Sports after his sensational first season in the Premier League, while they are also said to be keen on Real Madrid’s Karim Benzema.
Any deal for Benzema could rest on what happens with David de Gea’s long rumoured move to the Bernabeu and when asked about those two specifically, Cole believes they would fit the bill.
“The kid Harry Kane at Spurs is talented,” he added.
“I like Real Madrid’s Karim Benzema him. He’s a very good player and played at the highest level for numerous amount of years. Him and Rooney? That could definitely work."