Chelsea have warned fullback Ashley Cole over his new contract demands.

The Sunday Mirror says the England left-back is seeking parity with Stamford Bridge's top earners, skipper John Terry and Frank Lampard, who have deals in the region of £150,000 a week.

Cole's demands would equate to an astonishing rise of about £60,000 a week on his present deal that is due to expire in the summer of 2011.

But the man dubbed "Cashley Cole" by fans of his former club Arsenal is in big demand.

Real Madrid and Barcelona are ready to sanction deals of between £12m and £16m for Cole. There is also interest from Premier League rivals including Manchester City.

New boss Carlo Ancelotti is keen to keep Cole but has been told the club will not stretch their wage budget to accommodate him.