Cole has apologised for his Twitter rant yesterday, but a Chelsea source told The Sun he feels betrayed by the FA.
He said: "Although Ashley has apologised, he's furious with them.
"He reluctantly co- operated with the hearing. Now he feels the FA have knifed him.
"The only reason he's not quitting international football is he feels he's playing for England when he has the Three Lions on, not the FA."
Cole could still face an FA misconduct charge for his reaction to criticism over his evidence in John Terry's racism case.