He said: "What are the qualities of Ferdinand and Terry? Both are very similar. They have both got their attributes, are both well respected by the players.
"But, whoever gets the nod, the boys will be right behind them."
Cole insisted: "Whoever the manager picks is going to be the right decision. You need the captain more in the bad times than in the good, the man who steps forward and takes responsibility.
"We have got so many leaders in the squad now, the Liverpool captain (Gerrard), the Chelsea captain (Terry), the Manchester United captain [Ferdinand has led United in the past, but Gary Neville is the club captain] - three out of the four top teams in the country.
"I am sure, irrespective of who takes the armband, there will still be another five or six leaders out there who will go out there and take us forward."