The 32-year-old had been linked with a move away from Stamford Bridge, with his situation thought to mirror that of Frank Lampard - who is set to leave upon the expiry of his current deal at the end of the season.
However, following the Blues' 2-1 win over Arsenal on Sunday afternoon, Benitez claimed that the announcement of a new contract for Cole is imminent.
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Cole arrived at Chelsea from London rivals Arsenal back in 2006, and has since made 284 appearances for the club.