The Daily Star says his foul-mouthed attack on the FA is set to cost him £300,000 - and could drive him away from Chelsea.
The England defender has already been fined two weeks' wages, around £240,000, by his club for calling the FA "a bunch of t***s" on Twitter.
But yesterday he was charged with improper conduct and bringing the game into disrepute by the FA and is set to cop a another £60,000 fine from them.
The sorry affair could also speed up his exit from Stamford Bridge.
Cole, 31, is in the final year of his current deal and Chelsea are unwilling to offer him more than a 12-month extension.