Chelsea are handing Ashley Cole a massive £10 MILLION one-year contract extension.

The Sun says the staggering one-year extension makes England star Cole the world's highest-paid left-back.

A Chelsea insider said: "Ash is getting around £200,000 a week but he is worth every penny. Everyone is pleased it has been sorted at last."

But 32-year-old Cole's bid to bag a longer deal beyond 2014 has ended in failure.

Blues owner Roman Abramovich is adamant all players over 30 will be offered only one-year extensions.

But Cole's love for the club and the big pay rise from his current £150,000-a-week deal has convinced him to ignore interest from Manchester United, Real Madrid and Paris St Germain to stay at SW6.

The Chelsea insider added: "The agreement is great news for Chelsea - and for Ashley.

"We keep a world-class player and he gets a good pay rise that keeps him up with the game's top earners."