Cole has been the centre of much tabloid focus on his personal life in recent months and is believed to be desperate to leave England because of his off-field struggles.
Real Madrid boss Jose Mourinho is apparently keen to take Cole to the Bernabeu, and the Blues are believed to be expecting a bid from los Blancos shortly.
They do not want Cole to leave but Coentrao, 22, who impressed at the World Cup with his vibrancy down the left flank for Portugal, has been identified as a successor to the England international should they be left with little choice but to grant Cole his reported wish.
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