'Special One' respects Carlo Ancelotti's wishes...
The former Blues' boss had confirmed he wanted to take the England international to Spain but was told in no uncertain terms that the player was not for sale.
Mourinho signed Cole from Arsenal in a controversial move back in 2006, and the 29-year old had been reportedly seeking a move away from the Premier League in light of his recent off-field problems.
However, a move to Madrid now seems unlikely as Mourinho has admitted defeat is his pursuit of a player regarded as one of the best full-backs in the world.
"Carlo Ancelotti was very, very clear and that's the best way in football," Mourinho told the Sunday Times.
"He killed the story by saying, 'No money can buy Ashley Cole, Ashley Cole needs to stay'. I think Ashley thought about leaving for personal and professional reasons. We thought about him because he's a good player who I enjoyed working with.
"But when a coach says no, it's no, and we have to accept that."
Mourinho had also been linked with moves for Chelsea's Frank Lampard and Liverpool skipper Steven Gerrard following his dug-out move from Inter Milan to the Bernabeu.
However, he feels that both players are now entering the latter stages of their playing careers and would be too costly with little future sale value.
"Steven [Gerrard] is part of Liverpool history, he belongs to Liverpool Football Club. And he is so important for them that the price is not a price for a 30-year-old player," he added.
"It was the same when I tried to take Frank Lampard to Inter. It's not a problem for Inter to pay the millions Frank had in Chelsea or for Real to pay the millions Steven has in Liverpool.
"The problem is for the club to buy a player of 30 years who you cannot then sell."
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