Chelsea fullback Ashley Cole is ready to enter Bosman talks this week with PSG and Real Madrid. The Mirror says Cole may decide to keep his options open, with his Chelsea contract due to expire at the end of the season and Manchester City and Manchester ­United monitoring the situation.

Cole is allowed to speak to foreign clubs from Tuesday and Real and PSG will not waste any time in beginning negotiations. Left-back Cole is able to sign a pre-contract agreement with an overseas club or could wait until the summer to make a free transfer switch to one of Chelsea's rivals.

But he has not yet resigned himself to leaving Stamford Bridge and will consider an offer if Chelsea produce a U-turn and better the one-year extension that was rejected.

Real and PSG are both willing to give 32-year-old Cole a three-year contract and uncertainty over the futures of managers Jose Mourinho and Carlo ­Ancelotti is not thought to present a major obstacle.