"Every club wants to see new players and at a club like Chelsea, every player who comes in will be world-class," Cole told Sky Sports.
"Of course you would love to see new players, but it is not my money they are spending and it is not down to me.
"The squad is amazing as it is - of course we are going to miss the African guys when they go to the Cup of Nations - we have got players who can fill in but it is always nice to get new signings."
Atletico Madrid striker Sergio Aguero, Everton youngster Jack Rodwell and Valencia ace David Villa have all been linked with Chelsea this week. Benfica winger Angel di Maria is also emerging as a major January target.